Bitcoin On-Chain Signals: Mild Bullish, Risk Still Alive

Bitcoin-On-Chain-Signals-Mild-Bullish-Risk-Still-Alive

BTC on-chain flow is leaning slightly bullish, but not risk-free.

Exchange Netflow flipped to -907 BTC after yesterday’s +2,724 BTC inflow, suggesting spot sell pressure has eased.

Open Interest rose about 4.75% to $21.58B, while Funding climbed to 0.00705, above the recent average. Leverage is coming back, but it does not look extremely overheated yet.

MVRV sits at 1.129, still low in the broader 1-year range, so valuation pressure does not look excessive.

This is a mild buy-side setup, not a confirmation. The scenario stays valid if netflow remains negative and funding stays controlled. It weakens if exchange inflows return or OI keeps rising while price fails to follow.

Tomorrow’s key checks: netflow direction, OI-price alignment, funding overheating, repeated whale inflows, and stablecoin liquidity.