Massive contract fund withdrawal, but spot buying is ongoing—what signal is the market sending?
Contracts are collectively seeing net outflows, while spot markets are experiencing net inflows. Leveraged funds are pulling out, but spot funds are still absorbing; short-term bullish and bearish divergences are widening.
1️⃣ Contract side: Major mainstream coins bleeding collectively
In the past 24 hours, BTC contracts saw a net outflow of $120 million, ETH net outflow of $266 million, SOL net outflow of about $27 million, totaling approximately $413 million in net outflows.
ETH outflows are the most pronounced, accounting for 1.15% of its open interest. Contract positions are shrinking, but net outflow does not equal new short positions.
2️⃣ Spot side: Funds are still buying
BTC spot net inflow is $36.21 million, ETH about $41.37 million, SOL about $14.28 million, totaling approximately $91.86 million in net inflows.
All three coins are positive; the spot side has not yet seen large-scale withdrawals.
3️⃣ What’s next?
The core contradiction in the current market is: contract funds are withdrawing, while spot funds are absorbing.
If prices weaken and open interest continues to decline, it indicates deleveraging is ongoing. If spot inflows persist and prices strengthen instead, beware of a rebound caused by short covering.
Currently, short-term divergences are increasing, and the market remains volatile. Focus on whether spot buying for BTC and ETH can continue, and for SOL, watch if fund inflows can be sustained.
Going forward, more important than just looking at the long-short ratio is whether price, open interest, and spot funds can resonate together.
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