Bitcoin trades below $93,000 as $680 million in bullish bets are flushed out.

Bitcoin opened the week under pressure in Asia, sliding around 3% to near $92,500 as a derivatives-driven rally ran out of steam.

The pullback highlights the market’s shaky footing, even as indicators suggest the heavy selling seen late in 2025 is beginning to ease. Bitcoin has retreated from a recent push toward the mid-$90,000 range, with liquidation data pointing to overcrowded bullish positioning. CoinGlass showed more than $680 million in crypto positions were liquidated in the past 24 hours, including roughly $600 million from long trades.

Altcoins fared worse in early Monday trading across Asia. Solana dropped 6.7%, Sui fell 10%, and Zcash slid 10%. Outside digital assets, gold extended its rally, rising 1.7% to $4,600 after the U.S. announced a fresh 10% tariff on Denmark and seven other European countries, to remain in effect until “a deal is reached for the complete and total purchase of Greenland.”

Glassnode said in its latest weekly report that bitcoin’s recent advance toward $96,000 was largely “mechanical,” driven by derivatives flows such as short liquidations rather than sustained spot buying. The on-chain analytics firm warned that futures liquidity remains relatively thin, leaving prices vulnerable to sharp reversals once forced buying pressure fades.

The firm also pointed to a congested supply zone formed by long-term holders who accumulated near prior cycle highs, an area that has repeatedly capped recent rebound attempts.

CryptoQuant struck a more cautious tone, describing the move since late November as a potential bear market rally rather than the start of a durable uptrend. Bitcoin remains below its 365-day moving average near $101,000, which the firm described as a key “regime boundary.” While demand conditions have improved slightly, CryptoQuant said they have not changed materially, with apparent spot demand still contracting and U.S. spot ETF inflows remaining subdued.

There are some signs of stabilization. Glassnode noted that long-term holder distribution has slowed markedly compared with late 2025, while spot flows on major exchanges such as Binance have become more buyer-dominated. At the same time, selling pressure led by Coinbase has eased.

Options markets continue to reflect caution. Implied volatility remains low, but downside protection is still priced into longer-dated contracts, suggesting investors remain wary.

Until sustained spot demand returns, analysts say bitcoin is likely to remain highly sensitive to shifts in leverage and liquidity, keeping markets on edge.