- The Spot Bitcoin exchange-traded fund (ETF) experienced net outflows of $649 million in one day.
- The average weekly spot trading volume of the top 10 crypto assets has declined to $80 billion in 2026.
- Open interest in Bitcoin contracts surged from $16 billion to $20 billion during the analysis period.
Bitcoin This Tuesday saw a significant increase, returning to around $76,700. spill From spot ETFs. The trigger for this price action is tHe had the biggest daily decline since January 2026corroborating previous signals from the derivatives market.
quay published a report revealing that The pioneering cryptocurrency’s recent recovery from its February lows was largely due to leverage. Weekly spot trading volume so far in 2026 averaged $80 billion, according to data compiled.
While BTC recovered and pushed back toward $82,000, spot volume for the top 10 assets averaged $80 billion per week throughout 2026, less than half of the $178 billion weekly average in 2025. pic.twitter.com/GS4ERFFqn3
— Kaiko (@KaikoData) May 19, 2026
This diagram represents: Less than half of the weekly average of $178 billion Documented throughout 2025.
on the other hand, Bitcoin open interest increases from $16 billion to $20 billion within the same period. Kaiko analyst Laurence Frausen suggested this reflects a derivatives market that has re-leveraged without backing up underlying spot demand.
At the exchange level, Binance futures cumulative volume delta drops to nearly -$6.2 billion In February, it returned to a positive $4.2 billion.
in contrast, Bybit platform value went from negative $1.4 billion to positive $300 million during the same period. The Kaiko Report emphasizes that: Hyperliquid maintains negative level of $3.9 billionas sellers of perpetual contracts continued to dampen the upward momentum.
Leverage focus and institutional liquidity
sFOX Chief Business Officer Diana Pires said: He pointed out that the speed of the recent market decline was due to the concentration of financial leverage. From her perspective, a bullish position built up over several weeks The asset remains vulnerable to the emergence of selling pressure. sFOX analysis shows that rapid liquidations in derivatives typically amplify short-term volatility.
Bitfinex analysts measured structural flaws in terms of: 30-day net position change in realized capital.
This on-chain capital flow indicator After recovering towards $82,000, it hovered around $2.8 billion. Bitfinex analysts explained that previous bull cycles have seen acceleration in the range of $2 billion to $10 billion per month.
With current trends, readings indicate: Markets lack the institutional speed needed to sustain a high interest rate environment for an extended period of time.
moreover, Global macroeconomic conditions have reduced room for risk assets. Trader is currently working on a project There is a 60% chance that the Fed will raise interest rates towards the end of 2026. At the same time, the de facto closure of the Strait of Hormuz has accelerated the depletion of global energy stocks, with oil remaining near triple digits.
