Bitcoin has entered a structural correction phase with a maximum drawdown of 32% from its all-time high, CryptoQuant analyst @AxelAdlerJr said on Dec. 5. The correction places the market in a middle zone between deep pullback and bottom formation, similar to a year-long phase seen in the previous cycle. Signal combinations show patterns historically observed during bear markets, and without improvement in macroeconomic and on-chain indicators, the risk of further decline remains elevated, requiring time for recovery and a shift in the network's profit-loss structure.

SpaceX transferred 1,083 BTC valued at $99.81 million on Dec. 5, marking its second transfer in seven days, on-chain analyst Ai Yi reports. The transfer allocated 800 BTC ($73.71 million) to address bc1qy…xv5g9, which has not yet moved the funds. Tokens transferred to another address a week prior also remain unmoved.

BlackRock's iShares Bitcoin Trust (IBIT) saw more than $2.7 billion in outflows over the five weeks ending Nov. 28, marking its longest weekly redemption streak since launching in January 2024, Bloomberg data show. The ETF recorded an additional $113 million in outflows through Thursday, extending the run to a potential sixth week. IBIT manages over $71 billion in assets. Blockchain analytics firm Glassnode said the trend marks a reversal from sustained inflows that previously supported price levels.

The whale address labeled 'pension-usdt.eth' fully closed its 3x leveraged Bitcoin short position over a 3-hour period on December 5, liquidating over $72 million and recording approximately $660,000 in profit, Coinbob address monitoring shows. The address had partially closed around $21 million at 3:00 AM the same day, after briefly holding the top BTC short position on Hyperliquid with an initial position size of approximately $93.2 million at an average entry of $92,700. The address has been actively swing trading with low leverage and large volumes, averaging a 6-hour holding period this week, and has accumulated $11.67 million in profit since its first position in early October.

A total of 300,648 BTC has been accumulated around the $84,400 price level, establishing it as a significant support zone, cost basis heatmap data show. Analyst @ali_charts cited the data on December 5, noting the concentration of Bitcoin at this price point indicates substantial investor positioning that could provide downside protection.

U.S. spot Bitcoin exchange-traded funds recorded a net outflow of $194.6 million on Dec. 4, with no single ETF posting inflows during the session, Farside Investors data show. The outflow marked continued negative flows across all Bitcoin ETF products in the U.S. market.

Matrixport withdrew 3,805 BTC valued at approximately $352.5 million from Binance over a 24-hour period on December 5, Lookonchain data show. The withdrawal represents a significant movement of Bitcoin from the exchange to the digital asset management platform.

Bitcoin traded around $92,000 on Dec. 5 as markets awaited September PCE inflation data due later that day, BlockBeats reports. The Core PCE annual rate is forecast at approximately 2.8%, slightly above target but reflecting a cooling trend. A reading at or below expectations could support risk assets by weakening the dollar and reinforcing a soft-landing narrative, while a higher-than-expected figure may lift Treasury yields and dampen rate-cut expectations. Bitunix analysts said BTC faces key resistance at $93,800–$95,400 and support at $90,700 and $89,000, with potential swings of 3–5% following the release. The probability of a 25-basis-point rate cut in December stands at 87%.

Cumulative short liquidation intensity across major centralized exchanges would reach $1 billion if Bitcoin breaks above $94,000, Coinglass data show as of Dec. 5. Long positions totaling $641 million in liquidation intensity face clearance should Bitcoin fall below $91,000. The liquidation chart represents relative intensity between liquidation clusters rather than precise contract quantities or values, indicating potential market impact magnitude when price reaches specific levels.