BTC’s Perpetual-Spot Price Gap has turned negative, signaling short pressure. Spot inflows are rising, while on-chain activity remains strong, leaving Bitcoin at a key turning point near $113K.

Bitcoin’s [BTC] market structure is under scrutiny again after hitting a new all-time high, as its Perpetual Price traded below the Spot Price.

This divergence signals increasing pressure in the derivatives market, where short positions appear to dominate. 

Historically, such flips often occur around major tops, hinting at overheated long positions and speculative exhaustion. 

That said, the gap may also suggest accumulation via spot buys, especially as prices test long-term support