Ethereum instruments – along with Solana exposure – also saw meaningful commitments, hinting at a broader uptick in risk appetite rather than a single-asset surge.
Key Takeaways
- •Bitcoin is holding above $92,000 as ETF inflows return.
- •Whales and mid-sized wallets are accumulating while retail sells into strength.
- •Lower leverage and falling exchange balances point to a healthier market setup.
Earlier in the week, Bitcoin briefly pushed toward the $95,000 zone before slipping back into familiar territory. Instead of triggering panic, analysts viewed the retreat as a healthy reset — opportunistic sellers stepping out while long-term participants used dips to position.
According to data from Farside Investors, spot Bitcoin ETFs pulled in just over $151 million on December 9, marking one of the strongest single-day reversals this month. Fidelity’s FBTC led inflows with $198.9 million, while inflows into BlackRock’s IBIT were offset by $135 million in outflows, highlighting investor rotation rather than blanket buying. Grayscale’s GBTC also attracted $33.8 million, marking a rare positive showing for the product after multiple losing sessions.
Ethereum was the standout, outperforming majors and edging toward $3,300. Data tracking wallet behavior suggests that large entities have quietly absorbed supply over recent weeks, while mid-sized buyers — often referred to as “sharks” — joined the accumulation trend.
Market Structure Appears Cleaner Than Summer Peaks
A notable change is on the risk side: traders are running far less leverage than they did earlier in the year. Exchange balances have been trending lower and derivatives activity has softened, signalling less speculative excess.
Market observers say that’s constructive. Coinbase Institutional highlighted that speculative leverage sits at about half the level seen mid-year, calling the environment healthier for price sustainability and market depth.
Retail Selling Meets Whale Buying
Despite the improving positioning, retail traders appear to be cashing out into strength while larger wallets add exposure — a behavioral split often seen late in accumulation cycles. Analysts caution that while the pattern is positive for structure, it can create choppy prices as smaller hands exit.
The next catalyst now hinges on monetary policy. Traders say the Fed’s final statement of 2025 could determine whether Bitcoin’s controlled rise evolves into a trend or stalls into a wider consolidation phase.