Bitcoin Hovers Near $92K Amid Reduced Selling, but Demand Remains Soft

Bitcoin Stabilizes Amid ETF Inflows, but Market Lacks Momentum for Sustained Rally

Bitcoin is finding stability as ETF inflows turn positive, yet weak on-chain activity, defensive derivatives positioning, and negative spot CVD suggest the market is stabilizing without the conviction for a strong upward move.

Market Overview
Asian crypto markets opened to steadier Bitcoin prices, though the tone remains cautious. Selling pressure has eased, but broader momentum remains subdued. ETF flows, on-chain data, and derivatives metrics collectively point to a holding pattern rather than a breakout.

U.S. ETF flows showed the first signs of stabilization in weeks, with a $56.5 million inflow on December 9 after over $1.1 billion in weekly redemptions during November, according to SoSoValue. Glassnode notes the recovery is real but shallow. Momentum has improved, yet spot CVD, which tracks cumulative buy minus sell pressure, remains deeply negative. Derivatives positioning remains defensive, on-chain activity sits near cycle lows, and short-term holders dominate supply, keeping the market sensitive to volatility.

Technical Signals
The 14-day RSI has moved back into midrange, reflecting a recovery from last week’s stretched conditions. Futures open interest has slipped, volatility spreads remain discounted, and options skew shows traders still hedging for downside risk rather than positioning for further upside. On-chain activity provides little confirmation of a strong trend, with active addresses near cycle lows and realized cap growth at just 0.7%.

Outlook
Bitcoin’s rebound appears driven more by the absence of heavy selling than by strong buying. Until ETF flows remain consistently positive and on-chain metrics improve, the market is likely to drift. A meaningful directional move will require stronger participation from both long-term holders and institutional allocators.

Market Snapshot

• BTC: Trading near $92,214 after a U.S. session reversal driven by spot demand.
• ETH: Hovering around $3,296, extending a 6% daily gain on short covering and sentiment improvement.
• Gold: Above $4,200, supported by labor data and expectations of a Fed rate cut.
• Nikkei 225: Up 0.82% as investors await China’s inflation data and a likely 0.25% Fed rate cut.

About The Author

ctleditor

See author's posts