우민규 Woominkyu
BTC Derivatives Are Re-Leveraging, But Spot Flow Remains Supportive
According to CryptoQuant data, total BTC Open Interest has started to recover over the recent period. At the same time, derivative exchange netflow has turned noticeably positive, suggesting that more collateral is moving back into futures markets. However, the spot side remains more constructive. Spot exchange netflow has stayed negative, meaning BTC is still leaving spot exchanges on net. This creates a mixed market structure. Spot flow is not showing strong sell pressure, but derivatives leverage is starting to rebuild. Whale supply has also softened recently, while smaller wallet cohorts have increased, suggesting that strong whale accumulation has not fully returned yet. Key takeaway: BTC spot flow remains supportive, but derivatives leverage is rising again. This does not confirm a bearish reversal, but it does suggest that volatility risk is increasing after the recent OI reset.