#比特币价格表现 Looking at the latest data, BTC's Q4 decline of over 22% is indeed shocking. The rebound near $90,000 seems decent, but from on-chain signals, this appears more like a technical correction rather than a sign of funds re-entering the market.

The key issue is: although the total market capitalization of cryptocurrencies has returned to the psychological threshold of $3 trillion, market sentiment remains cautious. From the perspective of capital flows, the lack of momentum in the rebound essentially indicates a shortage of incremental funds support, and short-term volatility risks remain high.

What’s more worth noting is the price structure — BTC still has about 30% downside from its high point this year, below the levels at the start of the year. Seasonal data suggests that, against the backdrop of tightening liquidity and increasing macro uncertainties, a significant end-of-year pullback is not a low-probability event. The frequent retracement movements during US trading hours confirm this point.

In the short term, before genuine incremental funds enter, it is more valuable to cautiously observe the movements of whale wallets and contract position data. Rebounds do exist, but the directional certainty is insufficient.