Bitcoin's price has slightly rebounded above $110,000 after dipping to around $108,760, but the outlook for sustained recovery is diminished due to weak network adoption and bearish market indicators. In the past 24 hours, leveraged crypto positions worth $940 million were liquidated, predominantly from long bets, with Ether contributing $320 million to the losses. Key trading data reveals a decline in daily active addresses for Bitcoin, signaling reduced participation, while the overall cryptocurrency market sees indices down by 2% and 1.7%. In the NFT market, leading collections such as Pudgy Penguins and Bored Ape Yacht Club have experienced significant declines of 17% and 14.7%, respectively, indicating a bear market trend in this sector. The overall market capitalization for NFTs has dropped nearly 5% from recent peaks, highlighting the volatility within the digital asset landscape.

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