📊 #OrderFlow data suggests the recent #Bitcoin pullback is mainly being driven by #spot selling. #Futures #OpenInterest has only eased slightly and remains elevated, while #SpotCVD has weakened much more than #FuturesCVD, showing sellers are more active in the spot market than shorts in derivatives.

📈 #FundingRates support this view. Despite the price decline, funding has stayed positive and is starting to rise again, meaning leveraged longs are still paying to hold positions through the weakness.

⚖️ Overall, the market remains heavily positioned on the long side while #spot demand continues to soften. This imbalance will likely be resolved by either fresh #Bitcoin buying returning or a larger #derivatives reset to clear excess leverage. 🚀📉

Late May saw #OpenInterest near upper range financing the push to local highs 📉🔴. Early June break saw both #SpotCVD and #FuturesCVD turn down together — real-money and leveraged participants selling simultaneously rather than one-sided liquidation 💪.

Sharp OI compression confirmed genuine #Deleveraging. Funding oscillating near zero — no crowded long premium or aggressive short bias. Post-flush accumulation remains quiet and passive — sustained turn higher in Spot CVD alongside muted futures signatures turning up would mark a constructive setup with both flow regimes aligned to the upside ⚡️🎯👀