‎Bitfinex reports that $BTC Bitcoin is facing structural fatigue and weak spot demand, contrasting sharply with the S&P 500 nearing all-time highs and suggesting a decoupling from traditional risk assets.

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‎Despite rebounding from lows,$BTC BTC is confined to a narrow ∼$84,000 to ∼$91,000 range. On-chain data reveals that over 7 million BTC are held at an unrealized loss, echoing the mid-cycle weakness seen in early 2022.

‎$BTC

‎Critically, spot demand is deteriorating: US Bitcoin ETFs are recording consistent outflows, and traders are selling into rallies rather than accumulating. This widespread lack of fresh buying interest, despite modest capital inflows, suggests a fragile market far from a healthy recovery.

‎#BTC

BTC

92,313.57

+2.28%