Overview

• Spot Bitcoin ETFs logged a fourth straight day of net inflows this week, totaling roughly $1.7 billion, with single‑day tallies reported above $500 million.
• Options positioning hit record size near $55 billion in open interest, while a recent weekly expiry showed a put/call ratio around 1.3 that signals lingering caution.
• On‑chain metrics turned mixed as Bitcoin climbed above the mid‑term holders’ realized price near $114,000, short‑term holder SOPR fell below break‑even, and miner‑to‑exchange realized inflows stayed elevated.
• Network strength set fresh highs with the hash rate reaching about 1.12 billion TH/s, even as traders focus on $116K–$118K as near‑term resistance and $110K–$114K as key support.
• Microstructure signs included a reported $500 million one‑minute taker‑volume surge on Binance after the U.S. PPI release and a positive taker buy‑sell ratio on the exchange for three days, suggesting improving risk appetite.