I see that Bitcoin is currently under quite a bit of selling pressure. Spot volume has been steadily decreasing while the leverage ratio is actually rising, which is usually a sign of an unhealthy market. Spot volume dropped from 42K BTC to 35K in a few weeks, while the funding rate remains negative. That indicates very strong short positions.

Interestingly, institutional buying is still ongoing (exchange reserves have decreased by 66K BTC), but retail activity is weak. So there’s a gap between whale accumulation and regular spot activity. This creates a fragile market structure.

From a technical perspective, liquidity below the current price is closer than above. This means if there’s a sharp move downward, it could trigger a liquidation cascade in long positions. With a leverage-driven market like now, volatility could spike dramatically.

The structure is mixed. There’s institutional accumulation but weak spot demand. The market now relies more on derivatives than organic buying. So short-term price action remains vulnerable to sudden moves, especially if the liquidation chain starts to trigger.