SPOT CVD #BTC We previously noted that the upside move was not supported by spot demand. Current data now confirms a structural shift. During the rally, there was no meaningful spot buying—price was driven primarily by derivatives. Now the dynamic has flipped. Spot CVD has turned negative, and the selling pressure is coming directly from the spot market. This signals a weaker market structure. Derivative-driven moves are not sustainable, but spot-driven selling tends to push price lower in a more persistent manner. Short term outlook: If spot selling continues, downside expansion is likely. A recovery requires a clear return of spot demand. #Bitcoin #Crypto(KriptoHolder 🔔)