🔴 BTC is still facing strong selling pressure in the derivatives market. The Net Taker Volume, on a monthly average basis, has turned negative again. 💥 After a period of calm between November and January, when buyers briefly regained some control (~$36M), we are now back to clear selling dominance, reaching -$272M today. On Binance, for example, the exchange that concentrates a large share of trading volumes, the taker buy sell ratio fell from 1 to 0.97 over the same period, reinforcing this negative trend. What is particularly concerning is the gradual acceleration of this trend, which will require even stronger spot demand to counterbalance it. Futures volumes continue to drive the market given the gap with spot volumes and ETF inflows. 👉 Considering the current environment and the key macro data for this week closely watched by all markets (CPI and the unemployment rate), caution is warranted as this recent rebound still looks fragile.