Overview
- U.S. spot Bitcoin ETFs recorded about $935 million in net outflows over three sessions through Thursday, including roughly $205 million on the day, after early‑January inflows reversed.
- Bitcoin briefly fell to around $89,200 before recovering to roughly $91,000, leaving year‑to‑date gains modest and rallies capped by nearby resistance.
- Derivatives positioning has reset, with futures open interest sliding to late‑2022 levels as traders closed leveraged bets, a backdrop that often precedes consolidation.
- JPMorgan and other analysts describe the pattern as two‑way, tactical rotation rather than forced selling, pointing to early signs of flow stabilization.
- On‑chain metrics highlight overhead supply, with short‑term holders’ cost basis near $99,000–$100,000 and a dense breakeven zone from about $92,100 to $117,400 likely to restrain upside until reclaimed.