$BTC

Bitcoin is still in a neutral zone.

Retail has been almost completely wiped out, and a lot of that liquidity has moved into KOSPI. Historically, when this kind of setup appears, crypto assets have had a high probability of moving higher.

BTC has continued to flow into exchanges over the past 7 days. However, the amount of inflow has been gradually decreasing.

Exchange reserves created some short-term supply pressure, but that pressure now appears to be close to being resolved. Compared to one year ago, exchanges still hold about 224K fewer BTC, so from a broader perspective, the long-term exchange outflow trend remains intact.

Open Interest is up 3.4% compared to 7 days ago, but it does not look overheated. In the derivatives market, funding rates have dropped significantly, leaving only a slight long bias.

The key thing to watch now is whether exchange reserves start decreasing again and netflow turns negative.

Written by CoinNiel