Ardi(@ArdiNSC):Notice how much less violent the $BTC flushes have become inside this range. Perp participation continues moving lower while spot volume puts in higher lows, which shows most of the selling pressure is coming through leverage rather than spot distribution. That underlying spot demand is absorbing the perp sell flow and keeping price controlled on the way down. As long as that continues, the range can keep deleveraging without producing the same violent cascades.

Ardi

@ArdiNSC

CMT (Lev I) & Classical Chartist of 10 years | $BTC trader since 2016 | Technical Analysis & Market Structure.

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Ardi@ArdiNSC

2026.08.15 16:20

Notice how much less violent the $BTC flushes have become inside this range. Perp participation continues moving lower while spot volume puts in higher lows, which shows most of the selling pressure is coming through leverage rather than spot distribution. That underlying spot demand is absorbing the perp sell flow and keeping price controlled on the way down. As long as that continues, the range can keep deleveraging without producing the same violent cascades.