The earlier signs of growing active buying pressure did not continue.

In the morning, the price of $BTC reached around $81,724.7, up 0.5%, but the ratio of active buy orders to active sell orders fell to 0.93, indicating that buyers chasing prices had become weaker than active sellers.

Open interest fell to $7.624 billion, down 0.7%. So the price rise appears to have resulted from positions being closed, not from new money coming in.

The proportion of long positions remains at 65%, and the funding rate has risen to 0.31%. Positions are clearly skewed toward longs, so further gains would require inflows from the spot market to support momentum. Otherwise, a pullback could trigger a wave of stop-loss orders on long positions.

Additionally, outflows have not confirmed an improvement in momentum.

Spot Bitcoin ETFs recorded net outflows of nearly $1 billion over two weeks, while volatility in traditional markets suddenly increased. Bitcoin temporarily remained relatively more resilient.

This divergence is not a sign of safety; it only means that the transmission of risk is not yet complete. The departure of the White House official responsible for crypto affairs has also increased uncertainty around policy-related news.

In the coming period, focus on whether the price can hold near $81,700 as open interest rises and the active buy-order ratio returns above 1.

If prices continue to rise while open interest and active buy orders keep declining, the current rally should be treated as a fragile rebound.

This summary was prepared with the assistance of Claude Fable 5, based on derivatives data. For informational purposes only; please verify it yourself.