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).