ETF outflowed $593 million, Coinbase premium turned negative, and longs liquidated $173 million.
Three hard indicators simultaneously point to "no one is buying anymore."
But BTC is still hovering around 82,000.
Who is selling? Who is buying?
Let's first look at a set of "fighting" data.
Last week, the total net outflow of all digital asset ETFs was $593 million, with IBIT alone outflowing $228.6 million; the previous week was even worse at $681 million. The Coinbase premium index dropped to -0.141, the lowest since June 30, clearly showing insufficient US buy-side support. In the past 24 hours, long liquidations reached $173 million, accounting for more than half of total derivatives liquidations—leveraged gamblers are being taken out in batches.
The sellers are clear: passive ETFs are withdrawing, and short-term leveraged longs are being liquidated.
But BTC hasn't fallen below 80,000; it is even consolidating near 82,000. Who is buying?
It's not "faith" that is buying, but two things: limit orders and hedging.
Between 80,000 and 81,500 USD, there is a "buy wall" of limit orders that traders are watching closely as a price support zone. Meanwhile, on Deribit, open interest for the 80,000 USD strike options reaches $1.6 billion. Market makers must hedge their positive Gamma positions by buying when prices fall and selling when prices rise—they are "mechanically" supporting the price near 80,000, not because they are bullish, but because their positions force them to do so.
Therefore, 80,000 is not the "market bottom."
It is the "liquidity bottom."
Limit orders can be withdrawn. Options will expire. Gamma hedging will disappear as open interest shifts away from the 80,000 strike. When that wall is eaten up and those contracts roll off, who will buy below 80,000? No one knows.
GlassNode puts it bluntly: selling pressure has eased, but "there is not yet enough new buying power to fill the gap." ETF capital flows have not reversed, Coinbase premium has not turned positive, and real structural buying has not returned.
Holding 80,000 does not mean 80,000 is the bottom.
It only means someone has placed orders below 80,000.
Limit orders can be withdrawn; the bottom cannot be defined by limit orders.
$BTC$COIN$ETH#ETF持续流出，BTC反弹能否延续？
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