Bitcoin holders are not showing signs of panic. One thing I’m watching closely right now is exchange flows. When Bitcoin moves onto exchanges, it usually means more supply is available to sell. When Bitcoin leaves exchanges, it can signal holders are moving coins away from the market. Right now, we’re not seeing a major wave of BTC returning to exchanges. That matters. Despite the recent pullback, long-term holders don’t appear to be rushing for the exit. Combine that with: • Leverage being flushed out • Funding remaining controlled • Open interest declining And the picture looks more like a reset than a full market breakdown. The next thing I’m watching: Do buyers step in after this leverage flush? If they do, Bitcoin could have the foundation for another move higher. If exchange inflows suddenly accelerate, that changes the picture. For now, the data is telling me one thing: The market is cooling down, not collapsing.