10x Weekly Crypto Kickoff – Flows, leverage, and a binary week for BTC & ETH

Why this report matters

Leverage just got flushed, but liquidity is thinner than it looks—conditions that often decide which side cracks first. ETFs are leaking capital even as skew turns less bearish and long-dated volatility re-prices higher, a rare mix that tends to precede sharp, one-sided moves. Our models have flipped back to BTC over alts, yet option flows show fresh ETH upside nibbling—two signals that can’t both be right. Stablecoin mints grind higher while positioning stays elevated and price hovers near binary levels that have ended rallies—or launched them. This week’s catalysts add fuel, but the real tell is how dealers and ETFs push the tape around key ranges.

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