COINOTAG News summarizes a Bitfinex note: Bitcoin faces subdued spot demand amid a fragile structure, with market stabilization but no durable recovery. After a rebound, BTC remains range-bound roughly between $84,000–$91,000 as the S&P 500 trends toward record highs, signaling growing decoupling from risk assets.

On-chain data show more than 7 million BTC in unrealized losses, echoing early-2022 consolidation and underscoring the challenge to reclaim true market value—a threshold between a soft mid-cycle and bear deterioration.

Capital inflows remain mildly positive, providing a thin cushion, but spot demand has deteriorated: the U.S. Bitcoin ETF continues to produce outflows, active buying wanes, and the trading-volume delta on major exchanges has turned negative, signaling selling into rallies rather than accumulation.