BTC spot funds have seen an outflow of 1.017 billion over the past 7 days, while contract funds have seen an outflow of 4.933 billion—4.8 times more. It’s clear that the current market is entirely propped up by contracts. On 10/11, a massive liquidation wiped out a large number of contract users, and in the following days, even those trying to catch the dip were fully liquidated. Since then, fund flows have become even more sensitive. Just now, I took a look at the altcoins and mainstream coins in my watchlist (excluding BTC and ETH), and negative funding rates have already started to appear. Short sellers are beginning to pile on, and those adding to their short positions are determined to push the market below 80k, or even down to 74k. The 3-day liquidation chart is completely one-sided, with all the liquidity above being dominated by shorts. Over 90% of the sentiment is pessimistic. BTC’s monthly support at 83k is holding for now, and today is the last day of January. In this kind of situation, it’s easy to see another wick down followed by a short squeeze. I think it’s worth waiting until after 6 PM on Sunday to check again. If there’s a rebound but it doesn’t break 85k, feel free to short.