Bitcoin Sellers Regain Control in Derivatives as Weak US Spot Demand Weighs on Price Support, CryptoQuant Says

Sellers have retaken control of Bitcoin derivatives markets after weeks of buyer dominance, while US spot markets fail to provide hedging demand in a risk-off environment, CryptoQuant analyst Axel wrote on Jan. 20. The aggressive taker buy-sell strength index shows a sharp shift toward selling, with the aggressive buy-sell imbalance at -0.0917, the 90-day Z-score of aggressive trading intensity at -1.81, and short positions at 0.546 versus long positions at 0.454, indicating sustained sell-side leadership that amplifies price pressure. The Bitcoin Coinbase premium index remains negative at around -0.077, suggesting US buyers are unwilling to pay above global prices, and Axel noted that without spot support, derivatives-driven price swings seldom develop into lasting recoveries, with a sustained return of positive US spot demand seen as the key sign of better market quality.