Source: orion.flowtrackdata.xyz

Key Events to Watch: High Impact = FOMC, NFP, CPI - Often cause significant market volatility. Medium Impact = GDP, PMI, Retail Sales. Plan positions around these dates.

Timeframe: Synced across US & China liquidity charts

1Y 2Y ALL

Interpretation: Rising liquidity →Bullish for risk assets. Watch RRP drawdowns (adds liquidity) and TGA buildups (drains liquidity). ● Net Liquidity   ● Bitcoin

Key Signal: Green bars = Liquidity expanding (bullish). Red bars = Liquidity contracting (bearish). Orange line = BTC price overlay. Watch for sustained positive ROC preceding BTC rallies.

China Liquidity: Blue bars = MLF (Medium-term Lending Facility, 1-year loans). Orange bars = Reverse Repo (short-term injections). Line = BTC price. Large injections often precede global risk-on moves.

How to read: Rising gold = Flight to safety, inflation fears, or central bank buying (bullish for BTC narrative as "digital gold"). Falling gold = Risk-on sentiment, rising real yields, or USD strength. Key: Gold and BTC often move together during liquidity expansions. Divergence (gold up, BTC down) may signal macro stress where BTC trades more like a risk asset.

BTC/USD

Aggregated Funding Rate (Global AVG)

Aggregated Open Interest (USD)

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How to Interpret Funding Rate:
Funding rate is the periodic payment between long and short traders in perpetual futures. Positive funding means longs pay shorts (bullish sentiment), negative means shorts pay longs (bearish sentiment).

Bullish signals: Negative or near-zero funding during uptrends indicates sustainable rallies with room to run.
Bearish signals: Extremely high funding (>0.05% per 8h or 0.15%/day) indicates overleveraged longs and often precedes local tops or corrections.

How to Interpret Open Interest:
Open Interest (OI) represents the total value of outstanding futures contracts. Rising OI means new money entering the market.

Price up + OI up = Strong trend with conviction (new longs opening).
Price down + OI down = Longs closing, selling exhaustion possible.
Price up + OI down = Weak rally (shorts covering, not new buying).
Price down + OI up = New shorts opening, could accelerate downtrend or set up short squeeze.

How to Interpret OI Dominance:
OI Dominance shows what percentage of total futures open interest is concentrated in BTC vs ETH vs altcoins. It reveals where leveraged speculation is focused.

Rising BTC Dominance: Capital flowing to safety/majors. Often occurs during uncertainty or early bull markets when traders prefer BTC's relative stability.
Rising ETH Dominance: Increased speculation on ETH, often tied to DeFi activity, upgrades, or ETH-specific narratives.
Rising "Others" (Altcoin) Dominance: Risk-on sentiment. Traders are rotating into higher-beta altcoin leveraged positions. Often seen in late-stage bull markets and altcoin seasons.

Cycle Context: Early bull markets typically see BTC dominance rise first, then ETH, then altcoins. A sharp rise in altcoin OI dominance during already elevated prices can signal frothy conditions and increased correction risk.

How to Interpret Long/Short Ratio:
This ratio shows the proportion of accounts holding long vs short positions on major exchanges. It reflects retail sentiment more than institutional positioning.

Contrarian bullish: Ratio significantly below 1.0 (more shorts) often precedes rallies as shorts get squeezed.
Contrarian bearish: Ratio significantly above 1.5 (crowded longs) often precedes corrections as overleveraged longs get liquidated.

Key levels: Readings above 2.0 or below 0.7 are extreme and historically mark turning points. The indicator works best as a contrarian signal when combined with price action at support/resistance levels.

BTC/USD Price

Cumulative Volume Delta

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How to Interpret Cumulative Volume Delta (CVD):
CVD tracks the cumulative difference between aggressive buying (market buy orders) and aggressive selling (market sell orders). It reveals whether buyers or sellers are more urgently executing trades.

Healthy uptrend: Price rising AND CVD rising confirms buyers are in control with conviction.
Healthy downtrend: Price falling AND CVD falling confirms sellers are in control.
Bearish divergence: Price making new highs BUT CVD failing to confirm (flat or falling) warns of weakening momentum and potential reversal.
Bullish divergence: Price making new lows BUT CVD not making new lows suggests selling pressure is exhausting.

Best use: CVD divergences are most powerful at key support/resistance levels or after extended trends. A divergence alone is not a trade signal but a warning to reduce position size or tighten stops.

Open Interest by Strike Price (Calls vs Puts)

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How to Interpret Options Data:

Put/Call Ratio (P/C): Measures the ratio of put option open interest to call option open interest.
Below 0.7: Bullish sentiment - traders are buying more calls (betting on upside).
0.7 to 1.0: Neutral sentiment - balanced positioning.
Above 1.0: Bearish sentiment - traders are buying more puts (hedging or betting on downside).
Note: Extreme readings can be contrarian signals. Very low P/C may indicate complacency before a drop.

Max Pain: The price level where the most options (both puts and calls) expire worthless, causing maximum loss to option buyers. Price often gravitates toward max pain near expiration as market makers hedge their positions. Most reliable within 48 hours of major expiries (monthly/quarterly).

DVOL (Deribit Volatility Index): A 30-day implied volatility index similar to VIX for stocks.
Below 40: Low volatility - market is calm, possible complacency before big move.
40 to 60: Normal volatility range for Bitcoin.
60 to 80: Elevated volatility - expect larger price swings.
Above 80: High volatility - significant moves expected, often seen during crashes or parabolic rallies.

BTC/USD Price

Exchange Netflow (BTC)

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How to Interpret Exchange Flows:
Exchange netflow tracks BTC moving into and out of exchange wallets. This is one of the most reliable on-chain indicators for gauging market sentiment.

Inflows (Positive/Red): Coins moving TO exchanges typically indicate intent to sell. Large inflows during rallies suggest profit-taking and can precede corrections. Sustained inflows during downtrends confirm selling pressure.

Outflows (Negative/Green): Coins moving FROM exchanges to cold storage indicate accumulation and long-term holding. Persistent outflows are bullish as they reduce available supply. Outflows during dips suggest buyers are accumulating.

Key Context:
- Single-day spikes can be noise (exchange wallet shuffling). Look for sustained trends over 7+ days.
- Exchange balance at multi-year lows is structurally bullish (supply squeeze potential).
- Large inflows combined with rising OI often precede volatility events.
- Note: This visualization uses estimated data. For precise flows, CryptoQuant or Glassnode subscriptions provide real exchange-tracked data.

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