Today’s Market Overview..

Woke up today and saw that the market momentum is very strong.. So let’s start by looking at the capital flow..
Figure 1: Yesterday, during the US market hours, Binance and Coinbase had a big divergence. Coinbase kept buying, while Binance was selling.. This caused the 7W level during US market hours yesterday not to break through..
However, in response to Binance’s subsequent selling, the price remained unusually resilient. Overall, yesterday’s CVD was characterized by buying pressure being absorbed (refer back to yesterday’s note).
Currently, during the US night session, Coinbase continues to buy. Let’s see what happens before the US market opens. The sentiment in the US market looks good (US dollar index futures also look decent pre-market).
Figure 2: From last week to now, Coinbase has started to return to a positive premium state. Moreover, the recent upward moves over the past week are directly related to ETF inflows.
Recently, the US market’s sentiment towards BTC has improved.
The latter part of the article below yesterday mentioned that several recent research reports have observed signs of a bullish bias in the market from multiple angles..
Based on yesterday’s ETF net inflow and this wave of premium, these views are indeed supported.
The full report can be found in the group.

Figure 3: From the order book imbalance color band, the pattern from yesterday to today has been like an old lady climbing stairs.
In the face of imbalance, the price has responded accordingly, giving short sellers a chance to take profit and run.
But more often, it’s about eating through the sell orders above as the price continues to rise. This also reflects a bullish bias in the capital flow.
Figure 4: From the order perspective, although based on Figure 3, the price is within the color band range,
the spot pressure starts at 72k (200+ sell orders).
The futures market is currently heavily betting on 71.5k, with potential SFP (see next point).
Given the market sentiment mentioned earlier, today’s high-altitude short positions should be approached with caution. Only when there’s a significant volume (e.g., Binance at least 15min and over 1 billion) will I consider it.
Next, let’s continue to observe.