Looking at the spot supply situation of BTC, it can be seen from the spot premium index: the recent pullback is not as severe as in the first half of the year, it’s just that demand is too weak, leading to a low sentiment. However, from the degree of negative premium, most of the spot remains relatively stable, indicating that USD spot funds have not withdrawn on a large scale.

Either it won’t drop anymore, or a bigger drop is still ahead… This market is really tough lately!