Bitcoin's price has dropped to approximately $90,900, reflecting thin liquidity and a lack of clear trend direction. The daily candle opened near $92,900, with sellers exerting pressure early on, leading to cautious bounce attempts. Despite the price decline, funding rates remain slightly positive at +0.01% on major perpetual contracts, indicating that longs are still paying to hold positions. Open interest is stable around the low $60 billion mark, with leverage lighter than in Q4, though it could quickly rebuild. Institutional ETF flows have recently shifted back to net inflows, suggesting underlying spot demand. Meanwhile, stablecoin activity shows USDT remaining flat and USDC experiencing mild expansion. Exchange outflows continue, indicating accumulation behavior, while the order book shows heavier ask-side pressure above current prices, capping potential rallies.