Bitcoin (BTC) markets have been bearish, with the cryptocurrency briefly dipping below $92,000 due to profit-taking. Despite a significant purchase by MicroStrategy, BTC only recovered to just over $92,800. The asset is set to end December with a 4% loss, marking its worst performance since 2021. This comes after a 117% yearly surge, prompting both retail and long-term investors to cash out. The CoinDesk 20 (CD20) index, which tracks major tokens excluding stablecoins, also saw a 2.7% decline in the past 24 hours. Meanwhile, exchange-traded funds (ETFs) holding BTC recorded $420 million in outflows, with Fidelity’s FBTC leading at $154 million, followed by Grayscale’s GBTC at $130 million and BlackRock’s IBIT at $36 million. These outflows indicate a shift towards a more cautious investor sentiment regarding bitcoin’s short-term performance.
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