The broader market hasn’t fallen much over the past few hours, but futures have taken a serious beating.$BTC 82,426, down 1.36% over 24 hours; $ETH 2,463, down 2.98% over 24 hours; BNB at 736.20, down 2.04% over 24 hours. Among the major coins, $SOL has fallen the most, to 105.30, down 5.37% over 24 hours.

Let’s start with liquidations.

In the past 12 hours, during the hour with the most concentrated liquidations, at least $99.34 million was liquidated on Binance Futures. Long positions accounted for about 95% of those recorded liquidations. The message is clear: this move was mainly driven by a sell-off, and traders holding longs are being forced out. The Fear & Greed Index is still at 57, in the greed zone, and hasn’t dropped out of it yet.

Now, where is the money going?

The spot market tells a different story. Strategy disclosed that it added 250 bitcoins last week. BitMine added 12,532 ETH, bringing its total holdings to about 6.029 million ETH. Solana treasury company DFDV added around 22,000 SOL, taking its total holdings to more than 2.58 million SOL. Three treasury companies with different focuses, all buying in the same week. One analyst noted that new BTC buyers have accumulated 400,000 coins over the past two months, and momentum buyers have returned for the first time in eight months.

On one side, leveraged longs are being liquidated; on the other, treasury companies are accumulating coins. Whenever you see that combination, it makes you wonder. Are they buying in batches according to a preset plan, or actively adding at these prices? We can’t tell from the outside. I can only say that’s speculation, not a conclusion.

There’s also one moving against the trend.

Among the top 24-hour gainers, RSR is up 22.28%. The most likely immediate catalyst is its new listing on Upbit’s Korean won market. Traders have seen the short-term buying pressure that comes with a new listing in South Korea before. But another figure is more worth watching this time: RSR’s funding rate is -1.0575%, compared with a normal level of around 0.01%. That deeply negative rate means shorts are paying longs, and short positions are extremely crowded. The buying from the new listing has collided with crowded shorts. Whoever blinks first will determine how volatile the next few hours get.

On a related note, Bitwise’s CIO said Bitcoin could follow the path of gold ETFs and reach a market cap of $30 trillion over the next decade. That’s his view, not something that’s already happened. It’s a big number—fine to keep in mind, but don’t treat it as a price target.

There are only two things to watch today. First, whether RSR’s funding rate can move back toward normal. If it stays stuck around -1.0575% without recovering, that means shorts are still holding firm, and volatility is unlikely to ease. Second, the Fear and Greed Index, now at 57. It’s just one step away from the neutral zone; a drop below it would signal a shift in sentiment.

Treasury companies are gradually buying on the spot market while leveraged longs are being liquidated. Is this just a transfer of coins between holders, or is the market about to change direction?