After last week's wild swings, Bitcoin stabilized near $70K, but the support built around $68K after a bounce from $60K remains fragile. ETH managed to hold above $2,000, yet market sentiment turned bearish. All eyes are now on US nonfarm payrolls and unemployment data due Wednesday and Thursday. A disappointing print could send BTC testing the key $60,000 level again.
Futures Net Taker Volume Turns Negative
Derivatives markets show sustained selling pressure. On a monthly average basis, BTC futures net taker volume flipped negative again. Buyers briefly regained control between November and January (around $36 million), but sellers now dominate — today's net taker volume plunged to -$272 million. On Binance, which holds the largest trading volume share, the taker buy/sell ratio dropped from 1 to 0.97, confirming the bearish trend.
Selling Pressure Accelerating
What's concerning is that the selling pressure is accelerating. The gap between futures volume and spot trading plus ETF inflows continues to widen, with futures dominating price action. Without a surge in spot demand, it's hard to offset the derivative-led selloff. Given the fragile nature of the recent bounce and the heavy macro calendar (nonfarm, unemployment, CPI), pressure on crypto markets remains elevated this week.
A weak nonfarm report could trigger another selloff; a beat might temporarily lift sentiment. But derivatives indicators have already flashed red — the rally's sustainability hinges on whether spot demand can catch up.