Recently, a market data analysis showed that Bitcoin has been stuck in a consolidation phase after being rejected from the high of $90,000. According to reports from on-chain data platforms, trading volume has rebounded slightly, but the spot market still feels somewhat weak.

Specifically, the spot CVD (Cumulative Volume Delta) has shown signs of deterioration, indicating that sellers are gradually gaining the upper hand, and the market's defensive stance is becoming more apparent. Bitcoin's price is currently oscillating within the range of mid-$80,000 to low-$90,000. The 14-day RSI has recently fallen back into the neutral zone, suggesting that the momentum of the rally is waning. The market is repeatedly testing this level, uncertain of which direction to take.

Interestingly, the derivatives market has shown clear divergence. Open interest in futures contracts has increased, indicating that speculative participation is mildly rebounding. Funding rates for long positions have risen sharply, implying that bullish investors are willing to pay premiums to hold long positions. However, the perpetual contract CVD has already fallen into deep negative territory, and sellers in the futures market are exerting quite aggressive selling pressure.

The most noteworthy development is the performance of the US spot ETF—net inflows have completely reversed downward, and the outflow scale has reached an extreme level statistically. This suggests that institutional investors are engaging in large-scale de-risking operations. Although ETF trading volume has increased, reflecting active portfolio rebalancing, the unrealized gains of ETF holders remain high, indicating that profit-taking pressure is still significant.

Overall, the market remains in a fragile consolidation state. While initial signals of participation rebuilding can be observed, the strong de-risking by institutions and changes in the options market mean that it will take time and new triggers for the market to break out of this range.