Bitcoin Stabilizes Near $92,214 Amid Cooled Selling but Demand Remains Weak
Bitcoin is trading near $92,214 with selling pressure cooling, signaling a stabilization without a clear uptrend. The supply remains dominated by short-term holders while demand still lags. On December 9, U.S. ETF flows stabilized for the first time in weeks, recording a $56.5 million inflow after more than $1.1 billion in weekly redemptions during November. According to Glassnode, the recovery in Bitcoin is real but shallow: momentum has improved, spot cumulative volume delta (CVD) remains deeply negative, derivatives positioning is defensive, on-chain activity is near cycle lows, and realized capitalization growth is about 0.7%.
Market indicators show a midrange 14-day Relative Strength Index (RSI), lower futures open interest, a heavily discounted volatility spread, and options skew that suggests downside protection rather than bets on a price increase. Bitcoin’s rebound is driven primarily by spot demand rather than leveraged trading, with signs of seller exhaustion emerging.
Ethereum (Ether) is trading around $3,296 following a 6% daily gain, benefiting from short covering and improving sentiment, continuing to outperform Bitcoin. Gold prices are above $4,200, supported by stronger U.S. labor data and expectations of a Federal Reserve rate cut, although momentum remains limited in anticipation of the upcoming policy decision.
In equity markets, Japan's Nikkei 225 index rose about 0.82% as investors await inflation data and a widely expected 0.25% rate cut by the Fed, reflecting a cautious risk-on sentiment in Asia. Overall, the market appears likely to drift rather than develop a clear trend until ETF inflows remain consistently positive and on-chain activity strengthens. There remains no clear shift yet from long-term holders or institutional investors.
