1 month ago
6
Key Takeaways
- Bitcoin exchange netflow turned slightly positive at about 556 BTC.
- Funding remains above its 30-day average, keeping long-side risk elevated.
- Open interest fell to about $21.02B, showing partial leverage reduction.
- Distressed inflows suggest some underwater holders are moving coins to exchanges.
The current setup might be best read as neutral with a short-term risk bias. Bitcoin is no longer showing the same degree of leverage buildup seen earlier in the move, but the market has not fully reset either. Funding is still elevated, exchange flows have tilted slightly toward inflows, and distressed supply is becoming more visible.
That combination matters because ...
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