Bitcoin Stabilizes Amid ETF Inflows, but Market Momentum Remains Muted
Bitcoin has steadied as ETF inflows turn positive, yet weak on-chain activity, cautious derivatives positioning, and negative spot CVD suggest the market is stabilizing without strong conviction for a sustained rally.
Market Overview
Asian crypto markets opened to calmer Bitcoin prices, but overall sentiment remains cautious. Selling has eased, but momentum is limited. ETF flows, on-chain metrics, and derivatives data point to a holding pattern rather than a decisive breakout.
U.S. ETF flows showed a $56.5 million inflow on December 9—the first sign of stabilization in weeks after more than $1.1 billion in redemptions during November, according to SoSoValue. Glassnode notes the recovery is real but shallow. Spot CVD remains deeply negative, derivatives positioning is 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 returned to 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 prioritize downside protection. Active addresses and realized cap growth of just 0.7% highlight weak underlying demand.
Outlook
Bitcoin’s rebound reflects reduced selling rather than strong buying. Until ETF inflows remain positive and on-chain activity picks up, the market is likely to drift. Clearer directional momentum will require participation from long-term holders and institutional allocators.
Market Snapshot
- BTC: Near $92,214 after a U.S. session reversal driven by spot demand.
- ETH: Around $3,296, extending a 6% daily gain on short covering and sentiment improvement.
- Gold: Above $4,200, supported by U.S. 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.
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