According to @52kskew, heavy TradFi-linked selling since CME BTC futures opened Sunday has flipped $105K from a prior bid zone into sell-side resistance with asks capping price, indicating institutions turned net sellers, source: @52kskew. Perpetual swaps show increasingly net short positioning and persistent negative delta while spot-driven selling hammers price; the Coinbase discount has deepened, reinforcing U.S. spot-led pressure, source: @52kskew. The market is hedged for further downside, but $100K is a key level; failure by sellers to push below could trigger a large short-covering rally, source: @52kskew.