Bitcoin is struggling to stage a meaningful recovery after last month’s stumble, with signs of fatigue continuing to mount across crypto markets.

The token briefly topped $107,000 on Monday before slipping back below $105,000, underscoring fragile sentiment after a broad selloff that erased billions in market value. The downturn was partly fueled by large holders taking profits near this year’s highs and lingering unease following the early-October liquidations.

Momentum has yet to return. Open interest in Bitcoin perpetual futures sits around $68 billion, well below the $94 billion peak seen last month, while funding rates—a measure of leveraged positioning— remain flat.

Flows into exchange-traded funds also show little enthusiasm. U.S.-listed Bitcoin ETFs drew just $1 million in net

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