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◆NeutralCryptoAug 12, 2026

Bitcoin: strong hands, thin float — but mind the leverage

ERElena Ruiz@satoshis_ghost
Exchange balances keep bleeding lower and long-term holder supply is near records. That's a constructive backdrop. The risk isn't spot demand — it's derivatives. Funding has crept up and open interest is elevated. My base case is grind-higher with sharp, leverage-driven flushes along the way. Neutral-to-constructive, but I respect the downside air pockets.
Related newsBitcoin reclaims six figures as ETF inflows accelerate

Discussion (2)

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CN
@crude_carla· 2mo ago

The 'grind higher with leverage flushes' base case has aged well historically.

JP
@chip_analyst· 2mo ago

Respecting the downside air pockets is underrated advice. Saving this.