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🚨 Spot and Perps are no longer telling the same story. $BTC continues pushing toward fresh local highs, but the order flow underneath looks very different. 📉 Coinbase Premium: -0.06% (improving, but still negative) 📉 Spot CVD: -261.82M (limited aggressive buying) 📈 Perpetual CVD: rising 📈 Funding: positive (leveraged longs driving the move) Futures are leading. Spot demand is lagging. This can continue higher, especially with liquidity around 64.4K, but a sustainable breakout needs spot buyers to show up. Key levels: - Resistance: 64.39K -> 64.50K - Support: 64.14K - Next support: 63.80K Watching whether spot demand confirms the move. If not, this rally stays leverage-driven and increases the probability of a liquidity sweep followed by a pullback. What are you watching here - Spot or Perps? 👇

Altcoin sell pressure just broke to a fresh multi-year low. ⚠️

The cumulative buy/sell volume diff (alts ex BTC/ETH) hit a 5-year extreme in June. Now it's gone even lower.

Red trendline tells the story: sharp reversal from early 2025 peak → relentless net selling on spot. No bounce. No pause. Just distribution.

15+ months in, still no floor.