📑 Order book data shows a growing bearish bias. Bid/ask ratios have turned negative on spot, perpetual futures, and combined exchange platforms, with more sellers placing limit orders near the current price.

Historically, this pattern has preceded local highs and short-term declines in the price of Bitcoin.

🔑 A key factor in the decline in CEX volumes has been investor risk aversion. After multiple shocks, including the FTX collapse in 2022 and the regulatory crackdowns on Binance and Coinbase in 2023, traders have become more cautious.

📈 At the same time, decentralized exchanges have been growing: in May 2025, DEXs achieved a record 25% share of global spot trading volume, up from 20% at the beginning of the year. This jump was fueled by both improved wallet usability and growing dissatisfaction with centralized platforms.#ShareYourTrades $BTC