From today's BI Report - Market Structure: Bitcoin remains below key supports, with the STH cost basis (113.2k) and 128D SMA (113.5k) marking the critical thresholds defining trend direction. - Liquidity & Demand: ETF netflows turning negative (–4.9K BTC/day) and persistent negative funding rates highlight weak demand and low market liquidity. - Outlook: Unless Bitcoin reclaims the $114k–107.5k range, downside risk toward the True Market Mean (~$81k) remains elevated, signalling a cautious mid-term outlook. https://bitcoinintelligence.substack.com/p/at-edge-of-bears-territory(Sina 🗝️⚡ 21st Capital)