[Bitfinex: Bitcoin Spot Demand Weakens, Traders Sell During Rebound] Bitfinex Alpha published an analysis stating that Bitcoin is entering a phase where weakened spot demand intertwines with structural fragility, with its price stuck in the $84,000 to $91,000 range. The S&P 500 index nearing historical highs indicates a deepening relative weakness for Bitcoin. On-chain data shows that over 7 million Bitcoins are in an unrealized loss state. U.S. Bitcoin ETFs continue to see outflows, and cumulative trading volume changes across major exchanges are negative, indicating that traders are choosing to sell during rebounds rather than increase their positions.