According to @GreeksLive, sentiment is predominantly bearish with traders watching BTC support at 108k, 107k, and 105k after a sharp drop (source: @GreeksLive, X, Oct 17, 2025). According to @GreeksLive, bears are calling for further downside toward 102k–90k while a minority frames the move as a bear trap, as BTC tests its daily 200-EMA support (source: @GreeksLive, X, Oct 17, 2025). According to @GreeksLive, gold is outperforming at new highs around $4,300, highlighting a risk-off bid versus crypto (source: @GreeksLive, X, Oct 17, 2025). According to @GreeksLive, options flow shows aggressive put selling into weakness, including weekend expiries and ETH 3500P/3850P, with some traders taking losses as volatility spiked and puts initially moved against them (source: @GreeksLive, X, Oct 17, 2025). According to @GreeksLive, funding rates turned negative as shorts piled in with roughly 7k shorts added (source: @GreeksLive, X, Oct 17, 2025). According to @GreeksLive, spot order books thinned materially as the Coinbase premium disappeared, and ETH options market makers briefly pulled all quotes (source: @GreeksLive, X, Oct 17, 2025). According to @GreeksLive, traders focused on selling far-out puts despite weakness, citing extreme implied volatility into the Oct 20 expiry and viewing sub-3500 ETH as unlikely even in a crash scenario (source: @GreeksLive, X, Oct 17, 2025).

According to @52kskew, BTC’s rebound is led by a Coinbase premium since yesterday, signaling spot-driven demand on U.S. venues; source: @52kskew (X, Oct 12, 2025). There is clear TWAP-style buying on Binance spot between 109K and 114K, supporting the intraday floor; source: @52kskew (X, Oct 12, 2025). New longs are opening on de-escalation headlines, but overall market tone remains heavy as crash-era longs unwind into the bounce; source: @52kskew (X, Oct 12, 2025). Order book shows a return of ask depth with an overhead supply zone around 115K-117K that may cap price near term; source: @52kskew (X, Oct 12, 2025). Perpetual spreads remain wide amid illiquid conditions, keeping basis dislocated; source: @52kskew (X, Oct 12, 2025). Funding rates are still negative following Friday’s selloff, presenting potential to farm negative funding if headlines stay positive; source: @52kskew (X, Oct 12, 2025).

According to @52kskew, aggregate short positioning is rolling off, with passive spot buying mainly via Coinbase and a Coinbase premium at the moment. source: @52kskew on X, Oct 11, 2025 Spreads remain very wide across markets, and market makers are likely assessing damage before liquidity returns later. source: @52kskew on X, Oct 11, 2025

According to @52kskew, BTC has rallied from market demand into visible supply, with significant new positioning added since the recent low, source: @52kskew on X, Oct 1, 2025. The rally coincided with large perpetual futures bids and a rise in open interest into price, indicating likely accumulation by a significant fund, source: @52kskew on X, Oct 1, 2025. A sustained Coinbase bid and premium in recent days helped drive spot price into 118K, source: @52kskew on X, Oct 1, 2025. Order books now show notable ask depth on both sides and fresh ask liquidity acting as market supply, source: @52kskew on X, Oct 1, 2025. For bullish continuation, dips should see proactive spot buying with a leverage flush, while 115K remains an important level to watch, source: @52kskew on X, Oct 1, 2025.

According to Cas Abbé, the Coinbase Bitcoin Premium is at its highest level in a month while BTC is moving lower, indicating a notable divergence between Coinbase spot pricing and the broader market direction; source: Cas Abbé on X, Aug 18, 2025. The Coinbase Premium Gap measures the price difference between BTC/USD on Coinbase and BTC/USDT on Binance, and a positive reading is generally interpreted as stronger US spot demand relative to offshore venues; source: CryptoQuant Glossary (Coinbase Premium Gap). A sustained positive Coinbase Premium during price weakness is a venue-specific divergence traders monitor for potential short-term spread mean reversion and relative strength in US-based flows; source: Kaiko research on exchange price dislocations and CryptoQuant metric guidance.

According to Cas Abbé, the local bottom for BTC and altcoins has not been established, as reflected by the still-positive funding rate, which indicates that traders are expecting a V-shape recovery. Additionally, the declining Coinbase premium points to reduced institutional accumulation. These factors, combined with the appearance of controlled selling, suggest that a definitive trend reversal has not yet occurred and further downside risk remains for traders (source: Cas Abbé on Twitter, June 17, 2025).

According to Miles Deutscher, the Coinbase premium for Bitcoin ($BTC) turned positive at the end of last week as ETF-related market capitulations concluded. Currently, it has shifted back into negative territory, though it remains less negative than the previous week. Traders should monitor this metric closely for indications of traditional finance (tradfi) market behavior.