Adler AM: Bitcoin Morning Brief

Bitcoin long-term holders sold 98.5K BTC since August as profit-taking resumed. Supply is stabilizing, but selling risk still remains.

Bitcoin fell 1.5% to $78.7K in two days as taker order pressure turned negative and open interest rose, a seller-driven leverage build-up.

Bitcoin open interest is rising: +11.2K BTC with price up 3.9%. Fresh long leverage, not short covering, lifts BTC toward a bullish regime.

Stablecoin exchange netflow turned positive after 113 days of outflows but is already fading. SSR is easing yet still elevated. Neutral.

Bitcoin's Unified Sentiment Index cooled from 88 to 70 but stays in extreme greed - driven by Fear & Greed while votes and $77.6K price lag.

Long-term holder distribution rose to 282K BTC after the short squeeze as LTH MVRV hit 1.60. Can spot demand absorb the new supply?

Bitcoin open interest fell 3.8% while funding rates doubled since Friday - long bias is rising within shrinking OI, raising long-squeeze risk.

Bitcoin's MPI turned positive for the first time since February as miners resume selling, while fee revenue stays below 1% - 377 days now.

Bitcoin's 90-day realized profit/loss ratio crossed above 1 as unrealized losses fell from 18% to 7% easing stress that still needs confirmation.

Bitcoin Realized Cap flows turned net positive and apparent demand topped issuance for six days, but at 2.52 it sits in the weakest 10% since 2024.