Bitcoin Hovers Near $90K as Spot Demand Weakens Amid Macro Risks
Bitcoin remained stuck near $90,000 on Monday, signaling weak spot demand and rising vulnerability to macroeconomic shocks, according to Bitfinex analysts.
After attempting a late-weekend rally, BTC gave back most gains in early U.S. trading, closing around $90,500—down roughly 1% over 24 hours.
Altcoins showed mixed performance. Ethereum (ETH) dipped slightly but outperformed BTC, reaching its strongest relative level against bitcoin in over a month. Privacy-focused Zcash (ZEC) and institutional blockchain Canton Network (CC) led top performers with double-digit gains, while the CoinDesk 20 Index fell 0.8%.
Global markets added pressure. Long-duration government bond yields spiked amid concerns over Japanese debt spilling into global markets. The U.S. 10-year Treasury yield rose to 4.19%, a three-month high, while Japanese 10-year yields approached 2%, near two-decade peaks. U.K. and European bonds also sold off. U.S. equities weakened, with the S&P 500 down 0.5% and the Nasdaq 0.3%, dampening risk appetite.
Attention now turns to the Federal Reserve’s year-end meeting. While a 25-basis-point rate cut is expected, guidance on future policy could spark volatility. “Easing financial conditions or a weaker U.S. dollar could support crypto, while hawkish surprises may amplify downside pressure,” said LMAX strategist Joel Kruger.
Structural Headwinds Persist for Bitcoin
Bitfinex analysts warned that BTC faces ongoing structural challenges. Despite bouncing from November lows, bitcoin remains rangebound while equities trade near record highs, highlighting relative weakness.
Key indicators include:
- Persistent outflows from U.S.-listed spot bitcoin ETFs, with traders selling into strength, reflected in negative Cumulative Volume Delta (CVD).
- Over seven million BTC held at unrealized losses, echoing bearish sentiment.
- Modest capital inflows of $8.69 billion per month (Net Realized Cap Change), far below peak levels, offering limited support.
“These factors point to a fragile year-end setup,” Bitfinex said. “Weakening spot demand reduces immediate support for price and increases sensitivity to macro shocks and tighter financial conditions.”
