Today's market There hasn't been much change overall today ... Both upper and lower levels are accumulating liquidity . Even a small pending order cannot be broken, and the price fluctuates in the middle . A better approach is to determine whether to enter the market based on the behavior of the order flow in the interval of hanging orders at both ends .. (Breakthrough/Rush/Absorption) For example, today's low point in the Asian market, combined with the order department and footprint map, looks like this Figure 1 Order Book, see a few points Yesterday, the old man who received 300 BTC from 85.8k kept adjusting his sell orders on it . Such a player is rare The ultimate goal is uncertain However, in any case, the price has been affected by such public orders .. 2. The buy and sell orders in the contract continue to frame the range of 82-85k below and 87-88k above .. Last night it was around 84.6k, and during the day, there were 85k new pending orders in the Asian market. Combined with Footprint Diagram 2 All the details are marked on the diagram Around 85.2k, there were 500+active contracts with short positions entering the market to break through, but ultimately did not break through yesterday's low (absorbed). After rebounding, short stop losses further promoted the rebound . ------------------ From the perspective of funds today, the premium is also very contradictory It's not obvious either. (Figure 3) The noise category is estimated to have minimal inflow and outflow. Yesterday, there was also a conflict between IBIT and FBTC ARKB (IBIT continued to flow in, FBTC and ARKB flowed out), and this divergence was actually reflected in the different premium patterns before and after yesterday's trading session. There is a new idea here, and now a new study has been conducted on the corresponding coinbase real premium and the inflow and outflow of IBIT FBTC ARKB on the same day in different time periods. Check if there are any time differences between the subscription and redemption mechanisms of several companies. ------------- Today, let's focus on observation .. At high altitudes, we should still look at the hanging area above 87k and whether there are any SFP false breakthroughs . Should we look at 85k below . The 85k contract has just been cancelled . If we keep going, 1. Check if there are any new pending orders coming out. 2. Check if there are any SFPs that were lower than yesterday (85k down) The overall idea recently remains the same, short-term looking at the order book (rush/absorption), medium-term looking at the box (box SFP), long-term continuing to maintain bullish (on chain model)