Market Overview - Bitcoin (BTC) is trading above $90,500, but this increase is accompanied by rising realized losses and weakening demand across the market [1][5] - Investors are exiting positions at a loss, indicating a potential exhaustion in the market rather than a recovery [2] - Large deposits are driving the latest BTC inflows to exchanges, with the average deposit value significantly increasing as whales sell their coins [3] On-Chain Analysis - The recent surge in deposits coincides with weakening liquidity conditions, raising concerns about the market's ability to absorb supply [4] - Realized losses have reached levels similar to previous cycle lows, and the short-term holder profit and loss ratio has collapsed, indicating a lack of buying momentum [5] Price Movements - Bitcoin is holding above the $90,000 level, but on-chain and derivatives data suggest the rebound lacks conviction and is vulnerable without stronger demand [6] - Ether (ETH) is trading near the $2,900 zone, with rising large-holder deposits and weak demand signals indicating a fragile rebound [6] - Gold has climbed above $4,170, driven by expectations for lower U.S. interest rates boosting demand for the metal [6] Stock Market Performance - Asia-Pacific stocks have risen, with Japan's Nikkei 225 up 1.42%, influenced by Wall Street's rebound on rising hopes for Fed rate cuts [7]