Today’s BTC on-chain data shows risk cooling, but not yet a clear shift to strong buy-side dominance.

Exchange Netflow dropped from +3,507 BTC on Aug 14 to just +29 BTC today, signaling a sharp reduction in immediate sell-side pressure.

Funding Rate fell from 0.0228 to 0.00465, while Open Interest eased from about $23.11B to $22.94B. Long-side overheating is clearly cooling, although leverage has not fully reset.

The Exchange Stablecoins Ratio remains slightly above its 30-day average, so liquidity conditions should still be watched alongside Netflow and derivatives positioning.

The market is moving toward neutral rather than giving a strong buy signal. Falling inflows and normalized funding are constructive, but renewed increases in Netflow, Funding, and OI would weaken this risk-reduction scenario.

Overall, sell pressure is easing and leverage is cooling. However, OI remains relatively elevated. The next confirmation would be Netflow turning negative while Funding stays controlled.

Tomorrow, I’ll watch for exchange outflows, stable Funding, and whether OI starts building again.

Written by CoinNiel