According to @52kskew, BTC saw partial fills on cluster bids in Binance perpetuals, while spot order books only showed brief bid depth on low time frames, signaling weak follow through from derivative liquidity, source: @52kskew. The sell off was correlated with TradFi and driven by spot selling, making a turn to spot led taker bidding the key for any sustained bounce, source: @52kskew. A sustained recovery likely requires visible spot taker demand rather than relying on perps, per the source, source: @52kskew. Price also tagged previous all time highs and highs, placing key technical levels in play alongside order flow signals, source: @52kskew. Traders should prioritize monitoring spot taker flow and bid replenishment around prior highs for confirmation of a rebound, as indicated by the source, source: @52kskew.