BTC No real signs of weakness yet. Price is currently pulling back sharply despite some strong spot demand. Meanwhile, open interest remains relatively flat while futures CVD has started declining. This suggests that most of the current selling pressure is coming from perps while spot continues to accumulate throughout this move. As long as spot demand stays intact, I wouldn’t be too concerned about this pullback just yet. However, spot demand needs to stay intact or else downside momentum could quickly accelerate and turn this into a cascade lower.