Bitfinex: Traders tend to sell on rallies rather than accumulate shares.

According to Mars Finance, on December 8th, Bitfinex stated in its latest report that Bitcoin is entering a phase intertwined with weak spot demand and persistent structural weakness. While the market shows signs of stabilization, it is far from healthy. Despite a rebound from recent lows, BTC remains confined to a narrow range of $84,000 to $91,000, while the S&P 500 is near its all-time high. This highlights the deepening relative weakness of Bitcoin and the increasing decoupling from traditional risk assets. On-chain data shows that over 7 million BTC are currently in an unrealized loss state, similar to the situation during the consolidation period in early 2022, further indicating that the market is struggling to return to the "true market mean"—a key dividing line between mid-cycle weakness and a full-blown bear market. However, capital inflows remain moderately positive, providing at least a slight buffer against further downside. Meanwhile, demand on the spot market has deteriorated significantly: US Bitcoin ETFs have continued to see outflows, active buying intentions have dropped sharply, and the cumulative trading volume difference on major trading platforms has clearly turned negative, indicating that traders are selling on rallies rather than accumulating tokens.