Bitcoin defends the $92,000 level: ETF capital outflows and warning signals in the options market emerge

Source: TokenPost Original Title: Bitcoin($BTC) 92,000 USD Defense, but… ETF Fund Outflows and Options Market Warnings Original Link:

Bitcoin Struggles to Hold 92,000 USD, Volatility Risks Persist

Bitcoin(BTC) is struggling to support the price at around 92,000 USD(approximately 13.57 million CNY), but market participants are filled with caution about further declines. As geopolitical risks intensify globally and economic uncertainties grow, investor risk aversion increases, and Bitcoin’s appeal as a hedge tool is diminishing.

Last weekend, Bitcoin’s price fell by 3.4%, temporarily dropping below the 92,000 USD threshold. Especially after the failure to break through 98,000 USD(approximately 14.46 million CNY), leveraged long positions totaling 215 million USD(about 31.7 billion CNY) were forcibly liquidated, signaling a bearish market sentiment.

Trade Tariff Risks Impact Investment Sentiment

The US president’s announcement on Monday of additional tariffs on European products also cooled investment enthusiasm. This move is interpreted as a pressure tactic in international negotiations, with discussions about possible EU retaliations. European major stock indices fell by 1.6%, prompting investors to rebalance portfolios towards gold and cash.

Against this backdrop, gold prices hit a historic high, breaking through 4,650 USD per ounce(about 6.86 million CNY), while demand for Bitcoin as a risk asset has relatively shrunk. In fact, Bitcoin spot ETFs recorded a net outflow of 395 million USD(about 58.2 billion CNY) on Friday, reflecting deteriorating investor sentiment.

Cooling of Futures and Options Markets, Weakening Institutional Demand

The Bitcoin futures market also shows bearish signals. The annual futures premium remains around 5%, indicating a lack of clear strong trend, with a neutral to slightly weak atmosphere. Additionally, demand for put options in the commonly used options market by large investors has surged. The 30-day Delta skew has risen to 8%, indicating high premiums for downside protection.

This is interpreted as institutional investors assessing a low probability of Bitcoin breaking above 100,000 USD(about 14.75 million CNY). Several analysis firms point out that global macro risks continue to persist.

On-Chain Activity Indicators Weakening, Fundamental Concerns Rising

Fundamental indicators also show increasing signs of weakness in the Bitcoin market. According to data from on-chain analysis firms, the number of daily active addresses on the Bitcoin network recently dropped to around 370,000, a 13% decline compared to two weeks ago. This suggests decreasing transaction fee demand, which could weaken network security and investment appeal over the long term.

China’s slowing economic growth also adds pressure. In Q4 2025, China’s GDP(Gross Domestic Product) grew by 4.5% year-over-year, below the 4.8% of the previous quarter. Export remains the growth engine, but domestic consumption and corporate investment remain weak. Discussions about future economic stimulus measures being reduced and expanding trade conflicts are ongoing.

Defensive Success Fails to Mask Lack of Upward Momentum

Bitcoin temporarily recovered to 93,000 USD(about 13.72 million CNY), but the market views this as a short-term rebound. As hedging demand shifts towards gold and silver, Bitcoin’s position as an alternative asset is being challenged, with investor focus turning to downside risks. Amid ongoing macro uncertainties, whether Bitcoin can stabilize above 92,000 USD remains uncertain.