Bitcoin prices eased toward the $91,000 level as rising macro uncertainty and trade-related tensions triggered a wave of risk-off sentiment across global markets. On-chain data suggests that short-term holders have begun realizing losses, signaling increased selling pressure after weeks of heightened volatility.
According to blockchain analytics, Bitcoin’s 30-day rolling realized profit-and-loss metric has dipped below neutral territory, indicating that a significant portion of recent transactions are occurring at a loss. This shift reflects growing caution among traders, as investors reassess exposure amid weakening momentum and broader market instability.
At the same time, U.S. spot Bitcoin ETFs recorded notable net outflows, totaling nearly $395 million in a single session. The pullback suggests reduced institutional appetite in the short term, particularly as traders rotate capital toward traditional safe-haven assets. Gold prices surged to a fresh record near $4,701 per ounce, strengthening the Bitcoin-to-gold ratio and highlighting the divergence between digital and physical stores of value.
Market observers note that the move does not necessarily indicate a long-term bearish trend for Bitcoin. Instead, it reflects a temporary liquidity adjustment as investors hedge against uncertainty. Analysts expect sentiment to remain mixed in the near term, with price action likely driven by macro signals, ETF flows, and on-chain behavior rather than speculative momentum alone.
While short-term pressure persists, the broader crypto market remains in a consolidation phase, with long-term participants closely watching whether Bitcoin can stabilize above key support levels as risk appetite gradually returns.
Disclaimer :This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and readers should conduct their own research before making any investment decisions.
