Exercise caution if considering catching the bottom—$BTC data remains quite weak. The Whale Index is sharply declining, indicating that whales are the primary driver of this deep sell-off, and they are still selling. Additionally, ask-side pressure has remained very strong over the past week, completely overwhelming bid-side demand. Funding rates are still being influenced by the prolonged positive chain; a sustained negative period lasting several days is needed to stabilize conditions. Notably, selling volume remains extremely strong today.
