【The signal at the top of the pancake is clear, beware of liquidity crash risks over the weekend】Currently, the BTC/USDT perpetual contract shows typical top characteristics: 1) A funding rate of 0.01% indicates that long leverage is still at a high level, but the total open interest has dropped sharply by 3.13% in 24 hours (from 62123 to 60217M), following a 7.63% increase in open interest over 48 hours, leading to concentrated profit-taking; 2) The capital flow presents a contradictory signal of "short-term withdrawal + long-term layout"—a net outflow of 262.6M within 2 hours, but a cumulative inflow of 4809M over 72 hours, indicating that main funds are distributing by pushing prices higher; 3) The daily level faces a strong resistance at the historical high of 105000, combined with the traditional liquidity exhaustion period over the weekend, lacking support, short-term capital withdrawal can easily trigger a cascading correction. On the technical front, a triple top pattern appears on the 15-minute level, coupled with a continuous shrinkage of open interest, it is advisable to be cautious of the risk of a downward trend, with the first support level seen between 98000-100000.
