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Spot holdings are the real deal; perp price rigging is all just a scam. This time, the -25% drop is basically the market charging tuition.
We’ve had billions in liquidations, and BTC has dumped nearly -25% with barely a bounce.
Why?
Because perp volume has been carrying this range for a long time.
Without its delta, this range would have broken down long ago.
Any time perp volume is carrying the chart's stability instead of spot, that’s an early warning sign that the move is becoming untrustworthy.
Because if there’s no spot volume underneath, who absorbs the liquidations?
If the answer is more perps, then you already know the range’s eventual destiny.