Asia Colour - 3 Nov 25
1/ $BTC began November on shaky footing, sliding from 110k to 107k during Asia hours. Its downtrend extends as legacy holders continued moving coins to exchanges.
2/ $BTC outflows from OG wallets to Kraken and others have persisted since October, likely behind the first red month since 2018. The selloff remains idiosyncratic, with no clear macro trigger as equities outperform under easing policy.
3/ Volatility has ticked higher, but skew still leans toward puts. Leverage remains clean after the 10 Oct flush, with perpetual OI subdued and funding flat, showing little fear of a sharp breakdown.
4/ Roughly 405k $BTC in legacy supply has been absorbed over the past month without breaching 100k. Even with slower accumulation from @Strategy , @Metaplanet_JP , and small treasuries, spot remains well supported.
5/ The question now, is this consolidation the start of another crypto winter, or just a reset before the next leg higher? For now, OGs are taking profit while institutions quietly keep building.
