Momentum continues to fade as BTC remains rangebound between $109,500 and $107,200, settling near $108,750.
Spot flows cooled: Yesterday, Bitcoin ETFs saw $101 million outflow; Ethereum ETFs saw $19 million in outflows, with institutional demand wavering over the past few days.
Long-term holder selling remains elevated (30-day SMA > 22,000 BTC/day) with persistent distribution now acting as a structural headwind.
Options Open Interest (OI) rose to an all-time high while put demand also rose. This signals short-term options that could amplify intraday moves.
Critical bands: short-term holders’ cost basis $113.1k, 0.85 quantile $108.6k, 0.75 quantile ~$97.5k. Losing the 0.85 band risks deeper drawdowns.
From a misconfigured bridge to seized assets on Arbitrum, the Kelp–LayerZero fallout lays bare how quickly “non-custodial” systems revert to human discretion under stress.
Korea Investment & Securities is in parallel discussions to buy an equal share, as financial firms rush to consolidate South Korea's smaller exchanges before a new 20% ownership cap takes effect.
The deal makes South Korea's Hana Financial the fourth-largest shareholder in Dunamu and comes with an MOU covering won-backed stablecoins, blockchain remittances and a joint wealth management product, while handing Kakao a roughly 300x return on its original investment.
Both exchanges grew adjusted revenue year-over-year and posted large GAAP losses driven by non-cash items, while signalling deeper moves into derivatives, tokenization and agentic trading.
