Overview
- Bitcoin reversed Monday’s bounce and fell back under $104,000 after rejection in the $107,000–$108,000 zone, keeping the cycle‑defining $106,400 level unresolved.
- U.S. spot Bitcoin ETFs recorded just $1.15 million in net inflows on Monday after recent outflows, short of the multi‑day creation streak analysts say signals a structural bid.
- Options markets still price puts richer than calls at the front end and open interest is elevated near round strikes, a setup traders say can cap rallies and has now filled the CME gap near $104,000.
- 10x Research reports roughly 5.9 million BTC transacted between $100,000 and $126,000, concentrating risk among holders seen as fragile and raising the chance of forced selling if $100,000 breaks, with a liquidity pocket flagged near $93,000.
- A U.S. Senate draft market‑structure bill proposes allowing ETFs to stake assets, while a falling Stablecoin Supply Ratio points to growing sidelined liquidity even as dollar strength and cautious flows temper momentum.