Overview
- Bitcoin briefly topped $90,000 before fading, with repeated failures to hold that level keeping trading confined to roughly $87,000–$90,000.
- Recent upticks show derivatives fingerprints, with rising futures open interest and declining spot CVD, plus a negative Coinbase premium signaling weak U.S. spot demand.
- U.S. spot Bitcoin ETFs saw about $497 million in net outflows for Dec. 15–19, led by BlackRock’s IBIT, while Fidelity’s FBTC recorded modest inflows.
- Deribit faces a record options expiry on Dec. 26 totaling roughly $27–$28.5 billion across BTC and ETH, a setup that traders say is suppressing volatility into the event.
- On-chain and leverage signals are mixed, with exchange outflows jumping 59% over Dec. 19–21 and whale holdings ticking higher, as 24-hour liquidations reached $222 million and total open interest hovered near $129 billion.