Comprehensive analysis

Liquidity stress: ETF outflows (– 104 million USDT, Feb 17) highlight possible short‑term risk‑off moves.

Whale imbalance: Elite accounts’ long/short ratios favor shorts (≈ 0.26–0.38), increasing downside risk if support breaks.

Macro drag: Strong USD and tighter credit — Arthur Hayes warns of AI‑driven deflation risk, potentially suppressing leverage appetite and crypto volatility for several weeks.

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