One of the key reasons I’ve maintained a bearish view on Bitcoin is the lack of buying pressure in the futures market, specifically Futures Taker Buy Volume. There is still no meaningful sign of a reversal. Even when looking at Futures Taker Netflow, the divergence remains clear. Price is moving higher, yet sell volume is increasing at the same time. What about the spot market? Does it tell a different story? No, it doesn’t. Spot Taker Buy Volume has failed to recover since its peak in December 2024, and continues to lag behind the price despite the recent upside. For the market to truly shift, the liquidity everyone is expecting needs to flow in. So far, that liquidity is simply not entering the Bitcoin market. The patterns we typically see during sustained bull markets only repeat when the market is supported by real strength, namely strong and persistent buying liquidity. Short-term rallies may create hope and optimism, but in my view, the market is still moving within an extended bear cycle.🐻(mignolet)