A Requiem for the Bitcoin Bull Run

Whales used Bitcoin's bounce from the $86K level to exit the cryptocurrency market. The Exchange Inflow Mean / Exchange Whale Ratio metric shows a sharp spike in the average size of transactions flowing into spot exchanges.

When whales move large volumes of BTC onto exchanges during periods of uncertainty, it's almost always a sign they're preparing to sell.

Bitcoin miners aren't far behind. The Miners' Position Index (MPI) shows that coins are flowing onto exchanges at a rate higher than the annual average.

Speculators are also leaning heavily toward short positions on Bitcoin futures. On most major exchanges like Binance and Bybit, the Taker Buy Sell Ratio has dropped below 1.0.

On the daily chart, it's clear Bitcoin failed to hold above the local resistance zone of $95K - $96K and is now slipping downward. The triangle pattern forming on the chart looks like a requiem for Bitcoin's rally.

If the trend reverses, we could see a freefall back toward the $88K - $87K zone, where the last upward move began.