Overview
- Bitcoin is trading between roughly $106,000 and $116,000 after failing to reclaim the short‑term holder cost basis near $113,000, with the 100‑day MA acting as resistance and support clustered around the 200‑day zone.
- Spot Bitcoin ETFs logged about $1.15 billion in net outflows last week, with redemptions reported at major funds run by BlackRock, Fidelity and ARK Invest.
- Derivatives data show continued deleveraging, including roughly $155 million in liquidations over the past 24 hours and declining open interest, reflecting cautious positioning and put‑skewed hedging.
- Exchange‑level signals turned softer as Binance’s Bitcoin reserves rose and buying pressure indicators weakened, pointing to reduced fresh spot demand even as volumes picked up on pullbacks.
- On‑chain research highlights SOPR stabilizing near 1.0 and ERC‑20 stablecoin supply at cycle highs, suggesting selling has been absorbed while significant sidelined liquidity could fuel a move if sentiment improves.