Bitcoin Lifts on Short-Covering as ETF Outflows Ease and Prices Hold Year-End Range

Overview

• Bitcoin briefly reclaimed $89,000 during U.S. hours before easing, with falling open interest pointing to short-covering rather than new long positioning.
• Spot bitcoin ETFs recorded $19.3 million in net outflows on Dec. 29, a sharp slowdown after multiple larger redemption days earlier in December.
• On‑chain metrics show realized losses and net realized P/L have moderated since November’s capitulation, suggesting seller exhaustion more than fresh demand.
• Ethereum trades near $3,000 with support around $2,800, as analysts highlight a descending‑triangle downside risk even as institutional staking reduces liquid supply.
• Analysts see bitcoin staying in an $80,000–$100,000 range into Q1 2026, with thin liquidity and year‑end book‑cleaning keeping moves flow‑driven.