The Week On-Chain 45, 2025
#Bitcoin consolidates near $103k, with support at $100K and resistance at $106K. ETF outflows, low leverage, and strong put demand highlight a cautious market still searching for conviction.

Executive Summary
- Bitcoin remains in a mild bearish phase, trading between $97K and $111.9K, with resistance near $116K marked by top-buyers’ supply cluster.
- Seller exhaustion and renewed accumulation near $100K provide short-term support but lack strong follow-through demand.
- A dense supply cluster between $106K–$118K continues to cap rallies as investors exit near breakeven.
- ETF flows have turned modestly negative, reflecting fading institutional demand and a cautious risk appetite.
- Futures markets show muted funding rates and low open interest, signalling subdued speculative activity across both Bitcoin and altcoins.
- Options traders maintain a defensive stance, with put protection concentrated around $100K, while the 25-delta skew remains a key gauge for sentiment shifts.
- Overall, the market is consolidating within a defined range, awaiting stronger inflows or macro catalysts to break out of the current equilibrium.



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