BTC Underlying Market Overview Quite heavy tradfi linked sell pressure since CME futures open on sunday & continuing throughout early week trading Notable change around 105K an area the market used to bid become an area to sell ~ confirmed with asks capping price Often this is an initial trigger by institutions as they become net sells Since this trigger we can also see the coinbase discount deepened In perps we can see increasingly net short positioning with price hammered by spot sell pressure ~ persistent negative delta with increased positioning A hedged market for further downside basically 100K is now a very important level because if sellers fail to push for lower that will lead to a large short covering rally(Skew Δ)