$BTC order flow entered its most toxic decile at a recorded VPIN of 0.174, at the 95th percentile. Readings in this zone have historically clustered before volatility, and VPIN says nothing about direction.

Since 2026, days in this high band saw a median -0.9% BTC move over the next 7d (n=47, base -0.2%, 1y of records). History, not a forecast.