Bitcoin fell back to around $75,000 after briefly reclaiming $80,000, consolidating its price for three days. Spot demand remains weak, with monthly net volumes of -$28 million on Binance and -$9.4 million on Coinbase, while ETFs recorded $412 million in net outflows. Short-term holders transferred about 32,700 BTC to exchanges, increasing potential selling pressure. Hyperliquid whales also increased their short positions, turning net positioning bearish after seven bullish months. Returning buyers could support a recovery, but improvements in demand, ETF inflows, and U.S. buying are needed.
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