Why this report matters

In last week’s report, we shifted from constructive back to neutral after key support at $69,000 broke and the $75,000 BTC gamma wall failed to trigger, bringing downside risks back into focus. More importantly, Ethereum has already breached a critical technical level, with Bitcoin now approaching a similar inflection point amid dip-buying, but with low conviction and likely tight stop-losses.

At the same time, liquidity support is fading, and as a new gamma profile takes shape, a move through key levels could amplify volatility and trigger outsized price reactions. This is not a market to be complacent in; low liquidation activity and weak volumes mask underlying fragility. For those who have not yet adjusted positioning, the window may be closing, particularly in a week where liquidity is expected to remain thin unless a major catalyst emerges.

We break down the implications below:

BTC Funding Rate (LHS) vs. Binance Spot Volume (RHS, $ billion)