Galaxy Research identified a third suspected attack wave involving Bitcoin addresses believed to have been generated by vulnerable Coldcard firmware. The latest wave drained 207.7294 BTC, lifting the estimated observed total to 1,367.05 BTC across 4,585 addresses. Galaxy valued the combined transfers at approximately $88.6 million when it published the update. Third Wave Uses Different Transaction Pattern The first two suspected waves followed similar onchain patterns, including a funnel structure that moved funds into a small group of shared collector…
Bitcoin Leverage Build Puts Whale Selling Back In Focus
Bitcoin’s latest rally is running into a leverage-heavy market structure, with perpetual traders crowding into longs while spot demand fails to keep pace.
A CryptoQuant QuickTake on FRRS, LIR, NFI and IWCR readings flagged a sharp flip in the Funding Rate Regime Score, showing a move into a crowded long regime. Positive funding means long traders are paying shorts to keep positions open, a structure that can amplify upside during momentum bursts but leaves the market exposed when price stalls.
The same reading places the rally inside a derivatives-led move rather than a spot-led advance. Open interest has been building as spot volume weakens, pushing the Leverage Intensity Ratio higher and leaving more of the price move dependent on borrowed exposure. When open interest expands faster than spot activity, forced unwinds can move price faster because liquidations feed back into order books.
Binance Inflows Add Sell-Side Pressure
Exchange flow data is adding pressure to the same structure. The Net Flow Indicator has moved higher as BTC migrates onto Binance, showing more coins moving toward exchange wallets instead of cold storage.
That flow direction cuts against a cleaner accumulation pattern. During stronger spot-driven rallies, BTC often moves away from exchanges as buyers withdraw coins into custody or long-term storage. Rising exchange inflows create more available supply, especially when they appear during a rally that is already supported by leverage rather than spot absorption.
Whale concentration makes the flow more sensitive. The Inflow Whale Concentration Ratio has spiked, with top depositors accounting for a larger share of BTC moving onto Binance. That does not prove immediate selling, but exchange deposits from large holders raise the risk of spot distribution into leveraged demand.
The same weakness has shown up across U.S.-linked spot signals. The Coinbase Bitcoin Premium Index recently hit a record 50-day negative streak, leaving BTC cheaper on Coinbase than on Binance for the longest run since the indicator launched.
Channel Rejection Keeps Downside Levels Active
Bitcoin’s price chart is now pressing against that flow backdrop. BTC was rejected at the top of its trading channel, putting $59,700 back in focus as the first downside support level if the pullback extends.
A break below $59,700 would shift attention toward $56,550, the next downside level from the same channel structure. That would put the leverage build under pressure because late longs would be forced to defend positions while whale deposits and weaker spot volume keep the market exposed to faster selling.
price
price change
ETF demand has not provided a clean offset. U.S. spot Bitcoin ETFs recently posted a record $6.35 billion 30-day net outflow, adding another weak spot-demand signal while derivatives positioning grows more crowded.
Strike Launches Bitcoin Loans Without Price-Based Liquidations
AscendEX Ceases Operations As Withdrawals Move To Manual Review
Written by
Marius Bogdan Dinu
@bdinu89
Bogdan is a genuine outside-the-box thinker. His philosophy is never to settle and always evolve. Since the very first moment, he heard of Bitcoin, he knew it would revolutionize the world.
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