Looking at Bitcoin data — the situation is becoming interesting. Spot volumes have dropped from 42K BTC to 35K over the past weeks, but derivatives positions remain high. The leverage ratio has increased to 0.225 — traders are clearly more playing on futures than buying actual coins. The current price is around $78K, but this depends more on leveraged trading than genuine demand.

Negative funding rates indicate there are too many short positions. Liquidation zones below the current price mean long positions are at greater risk. If a chain liquidation begins, it will quickly trigger a drop. The market is fragile, despite large sums continuing to accumulate Bitcoin off exchanges — reserves have fallen by 66K BTC in a month.

I see that official trades account for 92% of flows, and retail traders are participating almost not at all. This creates an imbalance. In the short term, the movement depends on derivatives positions, which are always volatile. If macroeconomics worsens, institutional money could quickly return to exchanges, and then long position liquidations may accelerate. For now, the market is in a wait-and-see mode.