Futures Rebound Fails to Sustain as Bitcoin Struggles Near $80k
Bitcoin's failure to hold above $80,000 has left analysts puzzled, as sellers seem to have given up. Despite this, on-chain data shows easing selling pressure, but fresh spot buyers are yet to emerge.
Futures traders have taken the lead in driving the rebound, while spot flows remain neutral. The 90-day Cumulative Volume Delta (CVD) for spot markets remains in a neutral position, indicating a lack of confirmation from spot demand.
The past month has seen an influx of $1.6 billion into Binance stablecoin reserves, which peaked above $50 billion earlier this cycle but fell by nearly $7 billion. This recovery is viewed as genuine but too slow to support the move on its own.
Institutional demand provides a stronger source of support, with US-listed Bitcoin exchange-traded funds (ETFs) attracting $986.9 million in the week ended September 4. However, this does not necessarily translate into immediate buying across open spot markets, as a negative Coinbase Premium and elevated whale deposit ratios remain warning signs.
According to XWIN Japan, accumulation addresses control roughly 2.3 million BTC, while hedge funds have trimmed short exposure in response to the August payrolls data that pushed September rate-hike odds near 60%.