Bitcoin Holds Near $92K as Selling Cools, but Demand Still Lags
Bitcoin is stabilizing near $92K as selling pressure eases, but weak on-chain activity and defensive derivatives suggest demand is insufficient for a sustained rally.Summary
Bitcoin is trading near $92,214 following a reversal driven by spot demand, suggesting seller exhaustion. However, market indicators point to a holding pattern rather than a bullish acceleration. While U.S. ETF inflows turned positive ($56.5M on Dec 9) after significant redemptions in November, the recovery is deemed shallow. Key metrics like deeply negative spot CVD (cumulative buy minus sell pressure), defensive derivatives positioning, and on-chain activity near cycle lows indicate structural weakness. Short-term holders still dominate supply, making the market sensitive to volatility. The data suggests the rebound is due to the absence of heavy selling rather than strong underlying demand. A clearer directional move requires consistent positive ETF flows and strengthening on-chain activity, which are currently absent.
(Source：CoinDesk)