BTC Despite sellers constantly trying to push price lower, BTC keeps holding up pretty well. Both Spot CVD and Futures CVD continue to move lower, showing that both sides are actively contributing to this selling pressure. At the same time, open interest is cooling off, meaning that a decent amount of this perp selling is likely coming from positions being closed rather than fresh shorts entering the market. The fact that price is still barely moving lower suggests that passive buyers are absorbing a large part of the active selling and preventing price from breaking down further. If this absorption continues, I’d expect buyers to eventually take back control once the current selling pressure starts to fade.