$BTC

There’s about $202M more stacked on the sell side than bids within 5% of spot.

A couple weeks ago that number was north of $600M. So yes, sellers are getting whittled down. Every bounce forces some supply to get taken out. Buyers step in and lift liquidity on the way up.

But zoom out and the structure tells the real story — lower high after lower high. Buyers drive price up, chip away at the wall, momentum fades, and price rolls back over. Then offers refresh like nothing happened.

Absorption only matters if it leads to follow-through. Right now it’s just a brief reprieve. Buyers step in, clear part of the supply, then lose steam. The book lightens a bit, then sell pressure rebuilds.

The imbalance is tightening, gradually. But until $BTC can sustain a breakout and hold above prior highs instead of rejecting every rally, this remains a market where bounces are faded, not followed.