Overnight, US spot BTC ETFs saw net outflows of about $635 million in a single day, wiping out the previous day’s $525 million in inflows (according to Cointelegraph). The tech-stock selloff is also spreading into the Asia-Pacific session (according to The Block), but $BTC remained pinned above about $81,700 at midday, with a 24-hour low of about $80,940 (according to Finnhub data). More unusually, on the derivatives side, aggregated data from PerpDEX Wars shows longs paying to enter at a funding rate of about 8.5% annualized (about 8.06% on Binance). Open interest across the market is about $39.1 billion, up about 3.5% over the past seven days, and the long/short ratio is 2.2. More than $412 million in leveraged long positions were forcibly liquidated during the previous day’s decline (according to Coinotag data), while 24-hour liquidations have now shrunk to about $46.7 million. I’m inclined to read this as a rapid re-entry after deleveraging: the price hasn’t recovered, but positions have already returned. This looks more like a fragile balance than a bearish capitulation. In this stretch of sideways trading above the $80,000 threshold, neither side is probably as patient as it seems.

#Bitcoin #Crypto #Derivatives
This post does not constitute investment advice.