Overview

• Bitcoin retreated from roughly $122,000 to the $118,000–$119,000 range following profit-taking and over $550 million in liquidation events
• Spot Bitcoin ETFs logged about $773 million in net inflows over the past three trading days while corporate treasuries at MicroStrategy and Metaplanet continued buying
• Derivatives markets show elevated hedging with Bitcoin options open interest near $43 billion and notable demand for short-dated puts in the $115,000–$118,000 band
• An unfilled CME futures gap around $116,500–$117,500 poses a technical magnet that could attract a retracement if selling pressure intensifies
• On-chain data reveal reduced long-term holder selling but low spot trading volumes and high proportions of supply in profit, heightening pullback risk