📝 ForeDex Founder Mignolet
Two key datasets gave Bitcoin market participants strong conviction near the price peak.
Expectations of rate cuts, a rebound in the U.S. equity market, and large-scale capital inflows all seemed to support further upside.
However, the outcome unfolded in the exact opposite direction. Even during the price shock, whale activity continued to increase, which distorted market perception and led participants to misjudge the situation.
In particular, CVD-based whale patterns—widely used and considered highly useful—became counterproductive in this cycle. Despite the price shock, the indicator continued to show strength, reinforcing bullish conviction. But in reality, the market did not follow through.
Ultimately, since the ETF era, market structure and transaction patterns have become far more sophisticated. If a signal is obvious to everyone, it is no longer an edge -Read More
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Two key datasets gave Bitcoin market participants strong conviction near the price peak.
Expectations of rate cuts, a rebound in the U.S. equity market, and large-scale capital inflows all seemed to support further upside.
However, the outcome unfolded in the exact opposite direction. Even during the price shock, whale activity continued to increase, which distorted market perception and led participants to misjudge the situation.
In particular, CVD-based whale patterns—widely used and considered highly useful—became counterproductive in this cycle. Despite the price shock, the indicator continued to show strength, reinforcing bullish conviction. But in reality, the market did not follow through.
Ultimately, since the ETF era, market structure and transaction patterns have become far more sophisticated. If a signal is obvious to everyone, it is no longer an edge -Read More
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📝 ForeDex Author Crypto Dan
“Crypto Market – Current Sentiment of Korean Investors”
The crypto market has been moving through a prolonged sideways phase since Bitcoin touched $60K earlier this year.
Recently, both altcoins and Bitcoin have shown gradual rebounds, which has led to improving sentiment among Korean investors (see chart).
However, in a downcycle, such movements are more likely to be false rallies that precede further declines, so excessive risk-taking is not advisable.
That said, from a cycle perspective, the current range still appears relatively cheap, and when viewed with a long-term horizon beyond 2028, it can be considered more than sufficiently undervalued.
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“Crypto Market – Current Sentiment of Korean Investors”
The crypto market has been moving through a prolonged sideways phase since Bitcoin touched $60K earlier this year.
Recently, both altcoins and Bitcoin have shown gradual rebounds, which has led to improving sentiment among Korean investors (see chart).
However, in a downcycle, such movements are more likely to be false rallies that precede further declines, so excessive risk-taking is not advisable.
That said, from a cycle perspective, the current range still appears relatively cheap, and when viewed with a long-term horizon beyond 2028, it can be considered more than sufficiently undervalued.
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📝 ForeDex Author Gaah
"Realized Price Active supply" is just above the current price, around ~$85,000
This price range converges with new (as yet untested) resistance channel of current BTC subcycle.
This line served as support throughout the uptrend of the last cycle.
For end of the current bear market to be confirmed, this price must be surpassed.
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"Realized Price Active supply" is just above the current price, around ~$85,000
This price range converges with new (as yet untested) resistance channel of current BTC subcycle.
This line served as support throughout the uptrend of the last cycle.
For end of the current bear market to be confirmed, this price must be surpassed.
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"ForeDex" CVD by Order Size(Spot)
(Data based on a 1-month period)
1. Binance
2. Bybit
3. Bitfinex(usd)
4. Bitfinex(usdt)
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(Data based on a 1-month period)
1. Binance
2. Bybit
3. Bitfinex(usd)
4. Bitfinex(usdt)
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"ForeDex" CVD by Order Size(Spot)
(Data based on a 1-month period)
1. Binance
2. Bybit
3. Bitfinex(usd)
4. Bitfinex(usdt)
View Chart
(Data based on a 1-month period)
1. Binance
2. Bybit
3. Bitfinex(usd)
4. Bitfinex(usdt)
View Chart
mining company "Bitfarm"s has resumed selling Bitcoin since October 2025.
They sold an additional 150 BTC yesterday.
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They sold an additional 150 BTC yesterday.
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📝 ForeDex Author Kaan
Bitcoin: Whales Are Absorbing the Fear! 🐋
“Institutional accumulation” is aggressive:
• ETF inflows: Massive +8,253 BTC in a single day.
• Bear trap in play: Funding rate is negative (-0.59%), signaling a potential strong short squeeze.
• Fear Index at 40: Historically a “smart money” accumulation zone.
Price is absorbing selling pressure around $77.6K, with the next target at the $85K zone.
The liquidity map shows a clear cluster above price in the $79.5K – $80.5K range.
This creates a favorable setup for short liquidations, as upper liquidity becomes the nearest target.
As long as price holds the $76.8K level, pullbacks can be viewed as buying opportunities toward higher liquidity zones.
Funds are buying — are you selling? 📉🚀
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Bitcoin: Whales Are Absorbing the Fear! 🐋
“Institutional accumulation” is aggressive:
• ETF inflows: Massive +8,253 BTC in a single day.
• Bear trap in play: Funding rate is negative (-0.59%), signaling a potential strong short squeeze.
• Fear Index at 40: Historically a “smart money” accumulation zone.
Price is absorbing selling pressure around $77.6K, with the next target at the $85K zone.
The liquidity map shows a clear cluster above price in the $79.5K – $80.5K range.
This creates a favorable setup for short liquidations, as upper liquidity becomes the nearest target.
As long as price holds the $76.8K level, pullbacks can be viewed as buying opportunities toward higher liquidity zones.
Funds are buying — are you selling? 📉🚀
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"ForeDex" CVD by Order Size(Spot)
(Data based on a 1-month period)
1. Binance
2. Bybit
3. Bitfinex(usd)
4. Bitfinex(usdt)
View Chart
(Data based on a 1-month period)
1. Binance
2. Bybit
3. Bitfinex(usd)
4. Bitfinex(usdt)
View Chart
📝 ForeDex Author OnChainBR
After months of sellers dominating the futures market, last week brought a change worth paying attention to
The Futures Taker Buy/Sell Ratio closed at 0.15 on May 2nd, touching exactly the historical resistance level that the chart has been signaling since November 2024. It is the highest level in that entire period
The most important detail is not just the number itself, but the contrast with the moving averages. The 7-day SMA sits at 0.03 and the 30-day SMA at 0.04. That means this buying was aggressive and concentrated in a short window, not a trend that has been building gradually
This kind of reading usually points to two things: either a short squeeze playing out, or a one-time institutional entry. In both cases, the market was positioned short and someone bought aggressively
It is too early to call it a trend reversal. But it is exactly the type of signal that shows up before one.
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After months of sellers dominating the futures market, last week brought a change worth paying attention to
The Futures Taker Buy/Sell Ratio closed at 0.15 on May 2nd, touching exactly the historical resistance level that the chart has been signaling since November 2024. It is the highest level in that entire period
The most important detail is not just the number itself, but the contrast with the moving averages. The 7-day SMA sits at 0.03 and the 30-day SMA at 0.04. That means this buying was aggressive and concentrated in a short window, not a trend that has been building gradually
This kind of reading usually points to two things: either a short squeeze playing out, or a one-time institutional entry. In both cases, the market was positioned short and someone bought aggressively
It is too early to call it a trend reversal. But it is exactly the type of signal that shows up before one.
View Chart