Bitcoin breaks through $90,000, hitting a new high in three weeks, but the story behind this rebound isn't as optimistic as it seems.

Looking at the flow of funds in the derivatives market and spot ETFs makes it clear—institutions and retail investors' enthusiasm has not yet been fully ignited. Large capital is cautiously observing, and the inflow of funds is not as decisive as the price increase. What does this indicate? Traders' expectations for the subsequent market are not particularly optimistic, and the short-term upward momentum may be limited.

In other words, the $90,000 level is more like a rebound rather than a true signal of the end of the bear market. The market is still searching for direction, and sentiment is fluctuating. A real turning point requires stronger capital support, which is not visible yet.