sellers failed to gain control despite weak flows.
> spot & perp cvds trend lower > selling is controlled, not aggressive (needed to overcome passive bids) > OI slightly decreasing while funding turns positive into weakness > Coinbase premium negative = US spot not supporting
price keeps dipping without meaningful volume recovery-> gets absorbed instead of expanding lower.
That suggests: > passive absorption below > but no real aggressive demand either > So not bullish in a clean sense.
But also not confirmed bearish
For bearish confirmation I’d want to see: > sellers gaining aggression > downside expansion with failed absorption > price confirming
Until then: despite weak flows, bulls are in control as long as sellers dont show up -> fragile in itself