According to @ki_young_ju, BTC futures average order size shows whales have exited and retail now dominates, source: @ki_young_ju. IFP data indicates BTC inflows from spot to futures exchanges have collapsed, ending the phase when whales posted BTC as collateral to go long, source: @ki_young_ju. Estimated leverage ratio remains high and Binance deposit cost basis is around 57k, implying traders already captured sizable gains from ETF and institutional flows, source: @ki_young_ju. Open interest is still above last year and the aggregated funding rate is neutral rather than fearful, source: @ki_young_ju. On spot, the Coinbase Premium is at a nine-month low, likely tied to ETF-driven institutional selling, source: @ki_young_ju. Bitcoin ETF weekly flows have been net negative for three consecutive weeks, source: @ki_young_ju. Strategy mNAV stands at 1.23, suggesting near-term capital raising is difficult, source: @ki_young_ju. On-chain, realized cap growth has stalled for three days and market cap is rising slower than realized cap, signaling strong selling pressure, source: @ki_young_ju. The PnL Index flipped short on November 8, indicating whales are taking profit, source: @ki_young_ju. Taken together, these metrics highlight cautious near-term BTC positioning with 57k as a key reference level for cost basis and profit-taking dynamics, source: @ki_young_ju.