Today's Market Update Let's talk about on-chain activity first... Yesterday, there was selling pressure from short-term traders on-chain. A total of 33,000 BTC was transferred into exchanges in a single day, which is double the weekly average. After deducting the outflows, there was still a net inflow of 2,800 BTC into exchanges. (Transfers into exchanges usually indicate selling, i.e., selling pressure.) These BTC transfers into exchanges were mostly from short-term profit-takers, with an average holding period of just one week. These are the same people who entered the market during early July at the 62–64k range. Short-term traders took their profits and left. As a result, yesterday saw realized profits of $420 million... a historically high level. So, yesterday's main selling pressure came from short-term profit-taking. ---------------- Now let's look at today's capital flow, which shows some divergence... CVD during the Asian session today was flat with a slight downward trend (Chart 1). However, my Coinbase premium indicator shows that Coinbase was still in a premium state before the market opened today. Today's ETF inflows are likely to be around $100–200 million (Chart 2). So, we'll see if today's ETF premium can offset the selling pressure within the crypto space. ---------------- Other than that, there aren't any strong signals at this level that could resonate further... For aggressive shorts, there's an entry point around the 65.8–65.9k range. Meanwhile, an aggressive long position here is temporarily stuck (Chart 3). (Just happened to be a 2,000+ market buy order that got matched with a target short order.) For low-leverage longs, the observation point remains the same as yesterday, around the 65k range. Or wait until the OI resets (Chart 4).