Bitcoin spikes above $94K pre‑FOMC as front‑running raises short‑term risk; $93.5K yearly open fails, MicroStrategy buys 10.6K BTC; short‑squeeze recovery looks shallow

first published 2025-12-10T02:12:50Z

Bitcoin trades around $92,214 after U.S. ETF flows showed a $56.5M inflow on Dec. 9 following more than $1.1B in November redemptions. Glassnode and market metrics indicate a shallow recovery: spot CVD remains deeply negative, derivatives positioning is defensive (options skew and volatility spread favor downside protection), futures open interest has slipped, and on‑chain activity (active addresses, realized cap growth 0.7%) sits near cycle lows. Short‑term holders still dominate supply, suggesting the bounce reflects reduced selling rather than stronger demand. Ether trades near $3,296. A sustained uptrend will likely require consistent positive ETF flows and stronger on‑chain signals.

AI Analysis

ETF flows were a modest $56.5M inflow on Dec. 9 after >$1.1B of November redemptions, while spot CVD is deeply negative. Derivatives positioning is defensive (options skew and volatility spread favor downside protection) and futures open interest has slipped. On‑chain metrics (active addresses, realized cap growth 0.7%) are near cycle lows and short‑term holders still dominate supply — collectively indicating weak demand despite price holding near $92K.

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