BTC is stuck in the $84,000-$91,000 range, with 7 million coins in a floating loss state.

[BlockBeats] Recently, BTC’s price action has been a bit subtle—it has indeed climbed up from the lows, but it’s still far from healthy. Right now, the price is stuck in the $84,000 to $91,000 range, consolidating back and forth. What’s more awkward is that the S&P 500 is close to hitting a new high, which makes Bitcoin look especially weak by comparison, and its correlation with traditional risk assets is getting weaker and weaker.

Looking at on-chain data makes things even clearer: currently, more than 7 million BTC are in an unrealized loss state, which is very similar to the consolidation period in early 2022. The market just can’t climb back to the “real market mean” line, which is actually quite important—it helps determine whether we are in a mid-cycle adjustment or sliding into a full-blown bear market.

But it’s not all bad news. While capital inflows aren’t strong, at least they’re still positive, barely keeping prices from falling further. The main problem is with spot demand: in the US, Bitcoin ETFs have seen continuous outflows, active buying has shrunk significantly, and the cumulative net trading volume on major exchanges has turned negative—all of this shows traders are selling into any strength, with no interest in accumulating coins.

Overall, the market feels stuck in an awkward position: neither up nor down, with heavy wait-and-see sentiment, waiting for a clear directional signal.