Bitcoin Spot, Futures Buyers Show Up But Is It Enough?

ETF selling overwhelmed markets again after last week’s $1.42 billion outflow, following the prior week’s $1.26 billion exit. BTC subsequently fell to $72,500, raising concern it could slip back into the $60,000–$70,000 range that held from February through April, but spot volumes kicked in to defend the $70,000 support.

Despite sizeable ETF selling, inflows to Coinbase and futures market liquidations, the spot cumulative volume delta suggests these dip buyers are not dominant. Open interest heatmap data shows nearly $300 million of open interest concentrated in the $73,000–$74,000 band, where traders appear to have opened new leveraged long positions.

Hyblock’s bid-ask ratio metric (set to 10% aggregate order-book depth) shows a modest bid-side dominant orderbook, reinforcing that traders view prices below $75,000 as discounted and are buying as a result. The indicator ranges from -1 to +1, with values above zero indicating an increasing imbalance in the orderbook structure.

bitcoin, btc, etf selling, outflows, spot volumes, futures, open interest, liquidations, coinbase inflows, bid-ask ratio