Longs pay $390k in funding fees every hour to shorts, far exceeding the 7-day average of $220k, while Bitcoin's two-week ETF net outflows exceed $2.2 billion. This is not retail panic, but structural pressure.

The surge in funding fees indicates high costs for going long, but prices cannot rebound, forcing longs to liquidate. Open interest decreases, liquidations accelerate, and downside pressure is much greater than short squeezes.
Meanwhile, Bitcoin inflows into exchanges and stablecoin outflows create a pattern of "supply increasing, demand decreasing."
If tonight's core PCE exceeds expectations, it may intensify institutional withdrawal from non-yield assets.
Currently, the market faces extremely high derivatives trading difficulty, weak spot demand, and low on-chain activity.
Caution: high funding rates + ETF outflows + macro risks create a triple resonance, revealing the fragility of longs.
But panic has not yet arrived; the true bottom often appears when retail investors are in despair.
$btc #oi #pce #稳定币 #etf