cryptoliquidity

At first glance, Bitcoin looks strong. Price is pushing higher, key levels are breaking, and sentiment is slowly turning optimistic again. But beneath the surface, liquidity metrics are flashing mixed signals that many traders are ignoring.
The BTC bid/ask ratio remains relatively low and unstable. During the sharp November sell-off from $100,000 to $80,000, this ratio turned decisively positive as large buy orders aggressively absorbed selling pressure. That was real demand. This time is different. The current recovery above $93,500 has not been supported by the same clusters of heavy buy-side liquidity. Price is leading the move — not deep demand.
What this tells us is simple but critical: there is buying interest, but no dominant institutional accumulation yet. The market is rising, but the depth behind the trend is still shallow. In strong bull trends, price and liquidity usually expand together. Right now, they are out of sync.
Exchange spread data adds another layer of contrast.
The Korea Premium Index, which often reflects the sentiment of retail traders, has cooled dramatically. Earlier this year, Korean markets frequently traded at sharp premiums during rallies. Now, that premium is near neutral or even slightly negative — a clear signal that retail FOMO from Asia has not returned yet.
On the opposite side, the Coinbase Premium Index, representing U.S. spot demand, has turned positive again. Historically, modest positive readings often appear during the early accumulation phase of a trend reversal, when smart money slowly builds positions before public enthusiasm arrives.
In short: Bitcoin is moving higher, but the fuel behind the move is still uneven. Until deep liquidity and broad retail participation return together, this rally remains powerful — but fragile.
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