Despite positive metrics for Bitcoin (BTC) in late 2025, including substantial holdings in US spot ETFs and low exchange reserves, its price remains capped between $81,000 and $93,000. According to reports, liquidity is fragmented, preventing demand from translating into price movement. Order books struggle to absorb large trades without significant price fluctuations. While spot depth on major exchanges appears acceptable on paper, it's insufficient for substantial rebalancing or macro events. Reduced inter-exchange flow further weakens liquidity, making prices more sensitive to individual orders. Binance has recorded net inflows, concentrating tradable inventory and affecting the interpretation of low reserve levels.

Despite positive metrics for Bitcoin (BTC) in late 2025, including substantial holdings in US spot ETFs and low exchange reserves, its price remains capped between $81,000 and $93,000. According to reports, liquidity is fragmented, preventing demand from translating into price movement. Order books struggle to absorb large trades without significant price fluctuations. While spot depth on major exchanges appears acceptable on paper, it's insufficient for substantial rebalancing or macro events. Reduced inter-exchange flow further weakens liquidity, making prices more sensitive to individual orders. Binance has recorded net inflows, concentrating tradable inventory and affecting the interpretation of low reserve levels.