Key Takeaways
- ETF flows remain negative: BTC ETFs (-$523 million) and ETH ETFs (-$422 million) recorded back-to-back sessions with zero inflows; combined >$1.2 billion outflows this week signal ongoing institutional rotation.
- Profit-taking pressure: Long-term holders (>1m) across BTC, ETH, SOL, XRP, TRX continue to lock in historic profits, reinforcing broad distribution.
- BTC market structure weakens: Price retreated to the $114K air gap, Spot CVD negative, RSI cooled; thin liquidity until $112K.
- Open Interest pulled back after extremes, but funding bias remains long; options skew shows persistent demand for downside protection.
- User activity and fees softened; realized capital flows slowed; yet transfer volumes spiked, suggesting reactive capital movement during periods of volatility.
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