BTC Market Update — Structure After Rejection Flows US session closed with outflows Futures: Negative across key timeframes → 24h: ~-$1.03B → 12h / 8h also red Spot: Also negative intraday → selling pressure across sessions → Alignment: spot + futures = outflows Positioning Open Interest: ↓ -8.2% Futures Volume: ↓ -41% → Leverage is being reduced → Positions are closing, not adding This is a reset phase, not expansion Funding & Sentiment Funding: negative Long/Short: Mixed but slightly short-biased overall → Market not crowded long → No aggressive positioning yet Liquidations 24h liquidations: ~$273M Majority: → Long liquidations dominate → Down move cleared late longs → No panic cascade yet Liquidity Map Liquidity clusters: Above: ~77.5K – 79K Below: ~74K – 73K → Price currently sitting between liquidity zones → Market likely seeks next pool Interpretation Previous move up was: → derivatives-driven → unsupported by spot Now: → unwind phase → leverage flushed → structure weakening short-term Conclusion Market returned to range dynamics → No strong buyers → No forced sellers Current state: → neutral / corrective Next move depends on: → where liquidity gets taken first Not financial advice.