Bitcoin briefly dropped below $90,000 but bounced back as buying pressure returned despite ongoing heavy outflows from spot Bitcoin ETFs. On-chain data shows short- to mid-term holders realizing losses, typical of late corrective phases, while momentum indicators signal fragile optimism tied to easing geopolitical tensions. ETF capital withdrawals, especially a record single-day outflow, suggest institutional investors remain cautious, potentially limiting Bitcoin's near-term upside.

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