Bitcoin faces pressure as liquidity tightens and sentiment weakens. Spot market shows resilience with stable price momentum, but volume contracts, indicating cautious buying. ETF markets see outflows, reflecting institutional de-risking. Derivatives show mixed signals; futures stabilize, but funding rates drop, signaling weak demand for leveraged positions. Options activity rises with increased downside hedging. On-chain activity declines, with lower network participation and shrinking capital inflows. Overall, the market remains defensive with risk-off sentiment, suggesting potential for further downward pressure. 📉🔍