On December 8, CEX stated in its latest report that Bitcoin is entering a phase where weak spot demand is intertwined with persistent structural fatigue. Although the market shows signs of stabilization, it is far from healthy. Despite recovering somewhat from recent lows, BTC remains confined to a narrow range between $84,000 and $91,000, while the S&P 500 index is near record highs. This highlights Bitcoin's increasing relative weakness and its growing decoupling from traditional risk assets. On-chain data shows that more than 7 million BTC are currently in an unrealized loss position, similar to the period of choppy consolidation in early 2022. This further indicates that the market is struggling to return to the "true market mean"—a key dividing line distinguishing mid-cycle weakness from a full-blown bear market deterioration. However, capital inflows remain moderately positive, which at least provides some buffer against further downside.