According to @52kskew, BTC spot and perpetual futures are showing near 1:1 symmetry, with spot TWAP buying likely linked to long positioning in perps, source: @52kskew. Rolling VWAP indicates sustained bid depth and continuous buying since the yearly open, source: @52kskew. Supply areas are showing clear profit-taking and risk reduction against this flow, source: @52kskew. The majority of inflows since slightly before the yearly open have occurred via TWAPs as participants incrementally add BTC exposure, source: @52kskew. This flow context is highlighted as important for current price action and the developing market structure in January 2026, source: @52kskew.