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豹豹豹
8万美金：一堵随时会撤的墙
三个指标同时亮红灯：ETF净流出5.93亿，Coinbase溢价跌到-0.141，多头清算1.73亿。卖盘清晰——被动基金在撤，杠杆赌徒在爆。
但BTC没跌破8万。谁在接？
答案是两样东西：挂单和对冲。8万至8.15万美元堆着限价买单墙，Deribit上8万行权价期权未平仓合约高达16亿美元，做市商为对冲正Gamma头寸，必须在下跌时机械性买入。他们不看好后市，是仓位逼他们买。
所以8万不是“市场底”，是“流动性底”。挂单可以撤，期权会到期，Gamma对冲会随着合约滚动而消失。GlassNode说得直白：卖压缓了，但新买盘还没来。
8万守住了，只说明有人在那儿挂了单。挂单可以撤，底不能靠挂单来定义。
$BTC $ETH $SOL
#ETF持续流出，BTC反弹能否延续？
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