Coinbase analysis highlights four key structural metrics—spot ETF inflows, reduced leverage, improved order book liquidity, and options market reset—indicating Bitcoin's December sell-off was a temporary setback. While institutional ETF flows remain tentative, improved market microstructure and lowered systemic leverage suggest a healthier base for price appreciation. Bitcoin's options market pricing implies possible Q1 scenarios with a bullish case seeing prices between $105,000 and $125,000 if positive ETF flows and liquidity persist.

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