Bitcoin retreated to hover above $90,000 today. On-chain data shows a significant increase in transfers from addresses holding 1–3 months to exchanges, while addresses holding more than 1 year experienced almost no transfer changes. The selling mainly comes from funds that entered the market between December last year and early January, indicating no loosening of long-term holdings.

On the same day, the US Bitcoin spot ETF still maintained net inflows, but the growth slowed significantly. ETF funds did not push the price higher intraday but completed allocations through a closing settlement method, causing a mismatch where ETFs are buying while the spot market is declining.

In the derivatives market, new options positions are concentrated in contracts expiring after March, with little change in near-term contracts, indicating that professional funds did not bet on a short-term rebound that day but accepted the price continuing to spend time within the range.

The price repeatedly faced resistance around $97,000 today, a zone corresponding to previous high-volume trading areas, once again confirming it as an effective selling pressure level.
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