$BTC Orderflow Update



> We saw very strong spot aggression throughout the recovery, but that buying slowed noticeably into yesterday evening.
> The current correction remains relatively controlled. If leverage starts taking over, this can accelerate quickly.
-> spot not rolling over yet

> Funding has continued to grind higher, while OI remains elevated -> a lot of leverage was added on the move up
> Into the highs, participation faded. Volume declined and we saw a number of shorts getting squeezed out near the end of the move.

> Right now, perps are showing stronger selling aggression. If spot demand fails to hold agaisnt it, this could unwind fast

Still watching whether spot continues defending or starts giving way.
BTC0.16%
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NarrativeCartographer
· 1h ago
High OI + high funding rates, market structure is already fragile. If perp selling pressure increases, the spot defense line will be under tremendous pressure.
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ColdBrewYield
· 1h ago
The spot market is still holding up, but the funding rate and OI are both so high that it’s genuinely worrying. The biggest fear behind a rally built on leverage is that the spot will let go.
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GateUser-0f8d377b
· 1h ago
If spot aggression truly rolls over, the speed of this unwind will exceed expectations. Reduce positions first and wait and see.
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HashbrownHero
· 2h ago
Now it depends on whether the spot market can withstand the selling pressure from futures. If the spot pulls back at this level, the chain reaction would be ugly.
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MoonlightMarketMaking
· 2h ago
Funding keeps grinding higher; new leverage is chasing aggressively. But as top volume shrinks and shorts are squeezed cleanly out, this is a typical momentum exhaustion signal.
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