Market Cash Flow Update

1) BTC – The Market's Backbone

•Spot: 538.7M$

•Perp: 2.50B$

BTC carries both real cash inflow and the highest leverage pressure.

This indicates the trend is still driven by BTC, but the price on the perp side is overly crowded.

→ Result:

Upward movements come with compression,

downward movements generate sharp long liquidations.

2) ETH – Leverage Present, Spot Absent

•Not listed on spot

•Perp: 2.14B$

ETH is almost entirely traded on futures expectations.

This structure typically signals two things:

•A delayed spot entry is anticipated

•Or, if price stays below expectations, it will be quickly unwound

→ Fragile structure.

3) SOL – Balanced But On the Edge

•Spot: 19.35M$

•Perp: 172.37M$

SOL is one of the rare assets where spot and perp are working together.

However, perp has significantly outpaced spot.

→ Trend may continue,

but the risk-reward ratio is weakening compared to BTC.

4) DASH & ZEC – Quiet Accumulation + Trading

•Spot: DASH 10.78M | ZEC 6.81M

•Perp: DASH 44.08M | ZEC 39.25M

Their presence in both spot and perp is significant.

This is not pure gambling; it's controlled speculation.

→ Potential candidates for sudden volatility.

5) Meme Coins – Pure Momentum

•Spot: PEPE, SHIB, WIF

•Perp: PEPE, DOGE, WIF, FARTCOIN

Low spot presence, high perp presence.

That means:

•No lasting capital

•If there's trade, it will likely end abruptly

→ Not a trend, but a wave.

Overall Conclusion

•Spot side: BTC-dominated, defensive

•Perp side: Overcrowded in BTC + ETH

•Altcoins: Selective, short-term