Bitfinex: Traders tend to sell at high prices rather than accumulating chips during rebounds According to BlockBeats, on December 8th, Bitfinex stated in its latest report that Bitcoin is entering a phase where weak spot demand and persistent structural fatigue are intertwined, and although the market shows signs of stabilization, it is far from recovering its health. Despite rebounding from recent lows, BTC is still limited to a narrow range of $84000 to $91000, while the S&P 500 index is approaching historical highs, highlighting the deepening relative weakness of Bitcoin and its increasing decoupling from traditional risk assets. According to on chain data, there are currently over 7 million BTC in unrealized loss state, which is similar to the situation during the volatile consolidation period in early 2022, further indicating that the market is difficult to recover to the "real market average" - the key dividing line between mid cycle weakness and the deterioration of a comprehensive bear market. However, capital inflows remain moderately positive, providing at least a weak buffer against further downturns. At the same time, demand on the spot side has significantly deteriorated: the US Bitcoin ETF continues to record capital outflows, with a significant decrease in active buying intentions, and the cumulative trading volume difference on major trading platforms has clearly turned negative, indicating that traders are selling at high prices rather than accumulating chips.