According to @glassnode, Bitcoin rebounded toward 94K but the market remains unconvinced, with momentum improving and volumes rising during the move (source: Glassnode on X, Dec 8, 2025). @glassnode reported that Spot CVD fell despite the bounce, signaling that spot market aggressors were net sellers over the period (source: Glassnode on X, Dec 8, 2025). @glassnode noted that derivatives open interest declined, indicating reduced leveraged exposure into the rally (source: Glassnode on X, Dec 8, 2025). @glassnode highlighted that options flows show demand for downside hedging, reflecting increased interest in protective structures (source: Glassnode on X, Dec 8, 2025). @glassnode added that spot Bitcoin ETFs saw net outflows, underscoring softer investor appetite during the price recovery (source: Glassnode on X, Dec 8, 2025). @glassnode concluded that this combination of improved momentum but weaker Spot CVD, falling OI, stronger downside hedging, and ETF outflows points to a cautious near-term backdrop for BTC (source: Glassnode on X, Dec 8, 2025).