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23 Feb 2026, 03:25

Crypto Futures Liquidations: $341 Million Wiped in 24 Hours as Market Volatility Intensifies

BitcoinWorld Crypto Futures Liquidations: $341 Million Wiped in 24 Hours as Market Volatility Intensifies Global cryptocurrency markets experienced significant turbulence on March 15, 2025, as leveraged futures positions faced massive liquidations totaling approximately $341 million across major digital assets. This substantial crypto futures liquidation event primarily affected long positions, revealing critical insights about current market sentiment and risk management practices among traders worldwide. Understanding the 24-Hour Crypto Futures Liquidations Cryptocurrency perpetual futures markets witnessed dramatic movements during the recent trading session. Specifically, Bitcoin (BTC) experienced $210.56 million in liquidations, with an overwhelming 97.9% affecting long positions. Meanwhile, Ethereum (ETH) saw $111.91 million liquidated, with 94.99% impacting long traders. Additionally, Solana (SOL) recorded $19.07 million in liquidations, with 98.05% affecting bullish positions. These figures represent estimated volumes from major exchanges including Binance, Bybit, and OKX. Market analysts immediately noted several important patterns from this data. First, the extreme skew toward long liquidations suggests traders maintained overly optimistic positions despite emerging market pressures. Second, the concentration in BTC and ETH demonstrates their continued dominance in derivatives markets. Third, the timing coincided with broader macroeconomic announcements affecting digital asset valuations globally. Mechanics of Futures Liquidations in Cryptocurrency Markets Perpetual futures contracts represent derivative instruments without expiration dates. Traders utilize leverage to amplify potential returns, but this practice simultaneously increases risk exposure. When positions move against traders, exchanges automatically close them to prevent negative balances. This process, known as liquidation, protects both traders and platforms from cascading failures. Key Factors Driving Recent Liquidations Several interconnected factors contributed to the recent liquidation wave. Regulatory developments in major economies created uncertainty about digital asset classifications. Additionally, traditional market movements influenced cryptocurrency correlations more strongly than anticipated. Furthermore, technical indicators showed overbought conditions across multiple timeframes, suggesting correction probabilities were elevated. Market data reveals important context about position sizing and leverage ratios. The average leverage employed before liquidations exceeded 25x on many platforms. This aggressive positioning left minimal margin for price fluctuations. Moreover, liquidation cascades occurred as initial liquidations triggered further price movements against remaining positions. Consequently, the event demonstrated classic characteristics of leveraged market corrections. Historical Context and Market Impact Analysis Comparing current liquidations to historical events provides valuable perspective. The $341 million total represents a moderate event relative to extreme volatility periods in previous years. For instance, the May 2021 market correction saw single-day liquidations exceeding $8 billion. Similarly, the November 2022 FTX collapse triggered approximately $3 billion in liquidations within 24 hours. However, the current event’s significance lies in its composition rather than absolute magnitude. The extreme concentration in long positions indicates specific market conditions. Typically, balanced markets show more even distributions between long and short liquidations. The current 97% average for long liquidations suggests traders collectively misjudged market direction despite available warning signals. 24-Hour Liquidation Comparison Across Major Cryptocurrencies Asset Liquidation Volume Long Position Percentage Notable Exchanges Bitcoin (BTC) $210.56M 97.9% Binance, Bybit, OKX Ethereum (ETH) $111.91M 94.99% Binance, Deribit, FTX Solana (SOL) $19.07M 98.05% Binance, Bybit, Kraken Expert Perspectives on Market Implications Financial analysts emphasize several important takeaways from this liquidation event. First, leverage management remains a critical challenge for cryptocurrency traders. Second, market sentiment indicators failed to predict the sudden shift despite available data. Third, exchange risk management systems performed adequately under pressure, preventing more severe cascades. Industry observers note that liquidations serve essential market functions despite their disruptive nature. They remove excessively leveraged positions that could create systemic risks. Additionally, they provide liquidity during volatile periods. Furthermore, they establish clearer price discovery by eliminating unsustainable positions. Consequently, while painful for affected traders, liquidations contribute to long-term market health. Risk Management Strategies for Futures Traders Professional traders employ multiple techniques to mitigate liquidation risks. Position sizing represents the most fundamental defense against volatility. Experts recommend limiting leverage to 5-10x maximum during normal market conditions. Additionally, stop-loss orders provide automated exit points before liquidation thresholds activate. Moreover, portfolio diversification across uncorrelated assets reduces systemic exposure. Advanced traders utilize several additional protective measures. Hedging with options creates defined-risk positions regardless of market direction. Monitoring funding rates provides early warning signals about market sentiment shifts. Maintaining excess margin beyond minimum requirements creates buffers against volatility. Finally, avoiding emotional trading during high-volatility periods prevents reactionary decisions. Position Sizing: Limit individual positions to 1-2% of total portfolio value Leverage Management: Use conservative leverage ratios below 10x Risk Tools: Implement stop-loss orders and take-profit targets Market Monitoring: Track funding rates and open interest changes Portfolio Construction: Diversify across assets with different risk profiles Conclusion The recent 24-hour crypto futures liquidations event highlights ongoing volatility in digital asset markets. With $341 million eliminated from leveraged positions, traders received another reminder about risk management importance. The extreme skew toward long liquidations suggests collective over-optimism despite warning signals. Moving forward, market participants must balance opportunity-seeking with prudent position management. Ultimately, sustainable trading practices will determine long-term success more than short-term speculation. This crypto futures liquidation analysis provides valuable lessons for navigating increasingly sophisticated derivatives markets. FAQs Q1: What causes cryptocurrency futures liquidations? Liquidations occur when leveraged positions move against traders, triggering automatic closures by exchanges to prevent negative account balances. This happens when maintenance margin requirements are no longer met due to adverse price movements. Q2: Why were most liquidations long positions in this event? The overwhelming majority were long positions because traders collectively expected price increases. When prices moved downward instead, these bullish positions faced margin calls and subsequent liquidations from exchanges. Q3: How do liquidations affect cryptocurrency prices? Liquidations can create downward pressure as exchanges sell assets to close positions. This selling can trigger further liquidations in a cascade effect, potentially amplifying price movements in either direction. Q4: What’s the difference between isolated and cross margin for futures? Isolated margin limits risk to specific positions, while cross margin uses entire account balance as collateral. Isolated margin prevents account-wide liquidations but offers less flexibility during volatility. Q5: Can traders avoid liquidation completely? While impossible to eliminate risk entirely, traders can minimize liquidation probability through conservative leverage, proper position sizing, stop-loss orders, and continuous market monitoring for changing conditions. Q6: How do exchanges calculate liquidation prices? Exchanges use complex formulas considering entry price, leverage, maintenance margin requirements, and current market conditions. Most platforms provide liquidation price calculators for trader planning. This post Crypto Futures Liquidations: $341 Million Wiped in 24 Hours as Market Volatility Intensifies first appeared on BitcoinWorld .

23 Feb 2026, 03:18

Ethereum Price Crashes 6%, Downtrend Signals Strengthen Sharply

Ethereum price started a fresh decline below $1,900. ETH is now consolidating losses and might struggle to recover above $1,920 or $1,950. Ethereum failed to stay above $1,950 and started a fresh decline. The price is trading below $1,920 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $1,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $1,920 zone. Ethereum Price Dips Sharply Ethereum price failed to stay above $1,920 and started a fresh decline, like Bitcoin . ETH price traded below the $1,900 and $1,880 levels to enter a bearish zone. Finally, the bulls appeared near $1,850. A low was formed at $1,845, and the price started a minor recovery wave. There was a move above the $1,865 level, but the price is still well below the 23.6% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low. Ethereum price is now trading below $1,900 and the 100-hourly Simple Moving Average . If the bulls remain in action above $1,850, the price could attempt another increase. Immediate resistance is seen near the $1,880 level. The first key resistance is near the $1,920 level and the 50% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low. The next major resistance is near the $1,950 level. There is also a bearish trend line forming with resistance at $1,950 on the hourly chart of ETH/USD. A clear move above the $1,950 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term. Another Decline In ETH? If Ethereum fails to clear the $1,920 resistance, it could start a fresh decline. Initial support on the downside is near the $1,850 level. The first major support sits near the $1,825 zone. A clear move below the $1,825 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,740 region. The main support could be $1,720. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $1,850 Major Resistance Level – $1,920

23 Feb 2026, 02:55

South Korean FTC Launches Aggressive M&A Review in Digital Markets Amid Crucial Dunamu Deal

BitcoinWorld South Korean FTC Launches Aggressive M&A Review in Digital Markets Amid Crucial Dunamu Deal SEOUL, South Korea – February 2025: In a decisive move that signals a new era of regulatory scrutiny, South Korea’s Fair Trade Commission (FTC) has pledged to actively review mergers and acquisitions within the nation’s burgeoning digital markets. This pivotal announcement, made directly to the National Assembly’s National Policy Committee, comes at a critical juncture as the regulator examines the proposed acquisition of Dunamu, the powerhouse operator behind the Upbit cryptocurrency exchange, by financial giant Naver Financial. Consequently, this policy shift underscores a global trend of authorities grappling with the concentration of power in fast-evolving tech sectors. South Korean FTC Intensifies Scrutiny of Digital Market M&A The South Korean FTC delivered its formal report on February 23, outlining a proactive strategy to investigate and correct fundamental anti-competitive practices. The commission explicitly targets innovative industries, including big tech and digital asset platforms. Therefore, the regulator aims to prevent the entrenchment of monopolies that could stifle competition and harm consumers. This approach represents a significant evolution from reactive enforcement to preventative oversight. Moreover, the policy directly addresses growing public and legislative concerns over market dominance by a handful of large conglomerates, known as chaebols, in the digital sphere. Historically, South Korea has fostered rapid technological growth, often with a lighter regulatory touch. However, the global landscape has shifted dramatically. For instance, regulators in the European Union and the United States have recently intensified their examinations of tech mergers. The South Korean FTC’s new stance aligns with this international regulatory convergence. The commission now recognizes that traditional merger review frameworks, designed for industrial economies, may not adequately capture the network effects and data advantages inherent in digital platforms. Subsequently, this necessitates a more nuanced and forward-looking analysis. The Catalytic Dunamu and Naver Financial Deal The FTC’s announcement carries immediate practical weight due to its ongoing review of a specific, high-profile transaction. Naver Financial, the fintech arm of the internet conglomerate Naver Corporation, has proposed acquiring a significant stake in Dunamu. Significantly, Dunamu’s Upbit is South Korea’s largest cryptocurrency exchange by trading volume, commanding a dominant market position. This potential union between a leading internet service provider and the top crypto exchange creates a powerful digital finance ecosystem. A merger of this scale triggers several key antitrust considerations for the South Korean FTC: Market Concentration: The deal could substantially increase concentration in the digital asset exchange market, potentially reducing consumer choice and innovation. Data Consolidation: Combining Naver’s vast user data with Dunamu’s financial transaction data raises significant privacy and competition concerns. Ecosystem Lock-in: The integrated services could create barriers for rivals, making it difficult for competing exchanges or fintech apps to attract users. The table below outlines the core entities involved and their market positions: Entity Primary Business Market Position Naver Corporation Internet Search, Portal, Fintech Dominant search and web service provider Naver Financial Digital Payments, Financial Services Major player in online payments Dunamu Cryptocurrency Exchange (Upbit) Largest crypto exchange in South Korea Expert Analysis on the Regulatory Shift Legal and financial experts view the FTC’s stance as a necessary adaptation. Professor Kim Jae-hyun, a competition law specialist at Seoul National University, notes, “The FTC is correctly identifying that competition in digital markets isn’t just about price. It’s about access to data, interoperability, and future innovation. A narrow review focused solely on current market shares would miss the fundamental risks.” This expert perspective highlights the depth of analysis now required. Furthermore, the move may encourage more startups, knowing that their potential acquisition by a giant will face rigorous scrutiny, potentially preserving a more dynamic market. The timing is also crucial. South Korea’s Virtual Asset User Protection Act, which came into full effect in 2024, established a comprehensive legal framework for crypto assets. The FTC’s active M&A review complements this by addressing the market structure in which these protected assets are traded. Together, these policies form a dual-pronged approach: one set of rules protects individuals from fraud and operational risk, while another safeguards the competitive integrity of the marketplace itself. Broader Impacts on Fintech and Big Tech Innovation This regulatory pivot will undoubtedly influence corporate strategy across South Korea’s tech sector. Companies planning acquisitions in artificial intelligence, blockchain, cloud services, and digital payments must now prepare for longer, more substantive reviews. The FTC has signaled it will examine not just the immediate effects of a deal, but its potential to foreclose competition in adjacent or future markets. For example, a merger might be approved only with binding behavioral remedies, such as data-sharing mandates or interoperability requirements. Internationally, this positions South Korea alongside other jurisdictions taking a hard line on tech consolidation. The European Commission’s enforcement of the Digital Markets Act (DMA) and the U.S. Federal Trade Commission’s renewed focus on digital competition create a coordinated, albeit informal, global front. Consequently, multinational tech firms must navigate an increasingly complex and stringent web of merger control regimes. For South Korean companies with global ambitions, this domestic experience may better prepare them for overseas regulatory hurdles. Conclusion The South Korean FTC’s commitment to actively review mergers and acquisitions in digital markets marks a watershed moment for the country’s regulatory landscape. Prompted by the concrete case of the Dunamu acquisition, this policy shift aims to prevent anti-competitive monopolies in innovative sectors like cryptocurrency and big tech. By adopting a proactive, effects-based analysis framework, the commission seeks to balance the drive for innovation with the imperative of maintaining fair and open markets. Ultimately, the success of this approach will be measured by its ability to foster a dynamic digital economy where new entrants can challenge incumbents, ensuring long-term benefits for South Korean consumers and the integrity of its digital markets. FAQs Q1: What did the South Korean FTC announce? The South Korean Fair Trade Commission announced it will actively review mergers and acquisitions in innovative digital industries, including big tech and crypto platforms, to prevent monopolistic practices. This statement was part of a formal report to the National Assembly. Q2: Why is the Dunamu deal significant in this context? The proposed acquisition of Dunamu (operator of Upbit) by Naver Financial is a live case currently under FTC review. It tests the commission’s new, stricter approach to evaluating market concentration and anti-competitive risks in the digital asset sector. Q3: How does this change South Korea’s previous regulatory stance? It represents a shift from a more passive, reactive enforcement model to a proactive, preventative oversight strategy. The FTC will now more deeply analyze how digital market M&A could harm future competition, not just current market conditions. Q4: What are the potential outcomes for the Naver-Dunamu deal? The FTC could approve the deal unconditionally, approve it with conditions (remedies), or block it entirely. Conditions might include data access rules or limits on integrating services to protect competitors. Q5: Does this affect only cryptocurrency companies? No. While the Dunamu case is a catalyst, the FTC’s policy applies broadly to “innovative industries” and “digital markets.” This includes big tech, fintech, AI, and other platform-based businesses where network effects can lead to rapid market dominance. This post South Korean FTC Launches Aggressive M&A Review in Digital Markets Amid Crucial Dunamu Deal first appeared on BitcoinWorld .

23 Feb 2026, 02:34

Bitcoin Price Slumps 5%, Bearish Momentum Returns With Force

Bitcoin price failed to stay above $68,000 and dipped sharply. BTC is now consolidating losses and might struggle to recover above $66,000. Bitcoin started a fresh decline and traded below the $66,500 support. The price is trading below $66,500 and the 100 hourly simple moving average. There was a break below a bullish trend line with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $64,500 and $64,200 levels. Bitcoin Price Dives Over 5% Bitcoin price failed to remain stable above the $67,200 zone. BTC started a fresh decline and traded below the $66,500 support zone . There was a push below $66,000. The price even spiked below $65,000. There was also a break below a bullish trend line with support at $68,000 on the hourly chart of the BTC/USD pair. A low was formed at $64,203, and the price is now correcting some losses. There was a move above $64,500, but the price is still well below the 23.6% Fib retracement level of the recent decline from the $68,653 swing high to the $64,203 low. Bitcoin is now trading below $66,500 and the 100 hourly simple moving average . If the price remains stable above $64,200, it could attempt a fresh increase. Immediate resistance is near the $65,250 level. The first key resistance is near the $66,400 level or the 50% Fib retracement level of the recent decline from the $68,653 swing high to the $64,203 low. A close above the $66,400 resistance might send the price further higher. In the stated case, the price could rise and test the $67,000 resistance. Any more gains might send the price toward the $67,600 level. The next barrier for the bulls could be $68,000 and $68,500. Another Decline In BTC? If Bitcoin fails to rise above the $66,000 resistance zone, it could start another decline. Immediate support is near the $64,400 level. The first major support is near the $64,200 level. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,850 support in the near term. The main support now sits at $62,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $64,500, followed by $64,200. Major Resistance Levels – $66,000 and $66,500.

23 Feb 2026, 02:15

Crypto Futures Liquidations Trigger $367 Million Hourly Market Shockwave

BitcoinWorld Crypto Futures Liquidations Trigger $367 Million Hourly Market Shockwave A sudden wave of crypto futures liquidations has rocked global digital asset markets, wiping out approximately $367 million in leveraged positions within a single hour. According to aggregated data from major cryptocurrency exchanges, this intense selling pressure represents one of the most significant hourly liquidation events of the current market cycle. Furthermore, the total for the preceding 24-hour period reached a staggering $453 million, indicating sustained volatility and heightened risk across derivatives platforms. This development follows a period of relative stability, catching many traders off guard and prompting renewed discussions about leverage risks in cryptocurrency markets. Crypto Futures Liquidations: Analyzing the $367 Million Hour Market data analysts have confirmed the $367 million futures liquidation figure through real-time monitoring of exchange order books. Notably, the liquidations were not isolated to a single asset. Bitcoin (BTC) futures contracts accounted for roughly 55% of the total, while Ethereum (ETH) represented approximately 30%. The remaining 15% involved various altcoin futures. This distribution highlights a broad-based deleveraging event rather than a problem with one specific cryptocurrency. Consequently, the cascading effect of these forced sales amplified downward price movements across the board. Major exchanges like Binance, Bybit, OKX, and Huobi reported the highest volumes of liquidated positions. Typically, such events occur when highly leveraged long positions get automatically closed by exchange systems after prices fall below specific thresholds. For instance, a trader using 10x leverage faces liquidation if the price moves against them by about 10%. The past hour’s price action triggered these stop-loss mechanisms en masse. Therefore, understanding the mechanics of perpetual futures contracts and their funding rates is crucial for contextualizing this event. Understanding Futures Market Volatility and Causes Several interconnected factors likely contributed to this volatility spike. First, a noticeable shift in global macroeconomic sentiment emerged earlier in the week. Specifically, stronger-than-expected economic data revived concerns about prolonged higher interest rates. This traditional finance development often pressures risk-on assets like cryptocurrencies. Second, on-chain data revealed substantial transfers of Bitcoin to exchange wallets. Large inflows to exchanges frequently signal potential selling pressure, which derivatives traders monitor closely. Third, the aggregate open interest in crypto futures had reached elevated levels before the drop. High open interest, when combined with falling prices, creates ideal conditions for a long squeeze. The table below summarizes key metrics from the 24-hour period surrounding the event: Metric Value Description Hourly Liquidations $367M Total value of positions forcibly closed in one hour. 24-Hour Liquidations $453M Cumulative liquidations over a full day. Long vs. Short Ratio 85% Long / 15% Short Vast majority were bullish positions being liquidated. Largest Single Liquidation $8.2M (BTC-USDT) Occurred on Binance’s BTC perpetual swap. Additionally, funding rates on many perpetual futures contracts turned significantly negative just before the drop. Negative funding rates incentivize short positions and can precede downward moves. Meanwhile, social media sentiment analysis showed a peak in overly bullish commentary, which sometimes acts as a contrarian indicator. These technical and sentiment factors combined to create a fragile market structure. Expert Analysis on Derivatives Risk and Trader Psychology Market structure experts emphasize that such liquidation clusters are inherent to leveraged trading. “The cryptocurrency derivatives market has grown exponentially in size and sophistication,” notes a veteran analyst from a major trading firm. “However, the fundamental risk of leverage remains unchanged. Events like this serve as a stark reminder that prices can move violently, especially when many participants are positioned in the same direction.” The analyst points to risk management protocols as the key differentiator for surviving volatility. Historical data provides crucial context for the current event. For comparison, during the major market downturn in June 2022, hourly liquidation volumes exceeded $500 million on multiple occasions. The May 2021 crash saw even larger figures. While today’s $367 million event is significant, it remains within the historical spectrum of crypto market volatility. This perspective helps assess whether the event represents a routine correction or a potential trend reversal. The rapid recovery of prices following initial liquidations often distinguishes a healthy market flush from a structural breakdown. The Ripple Effect on Spot Markets and Investor Sentiment The futures market turmoil inevitably impacted spot cryptocurrency prices. The forced selling from liquidations creates immediate sell orders in the underlying markets. This selling pressure can trigger a negative feedback loop. As spot prices drop, more leveraged futures positions hit their liquidation points, causing further selling. This phenomenon, known as a liquidation cascade, explains the rapid price decline observed during the hour. However, the market also demonstrated resilience once the excess leverage was purged. Retail and institutional investor sentiment often cools following such events. Fear & Greed Index readings, a popular sentiment gauge, typically swing sharply toward “Fear” or “Extreme Fear” after large liquidations. This shift can lead to reduced trading volumes and more cautious positioning in the short term. Conversely, some experienced traders view these volatility spikes as buying opportunities, arguing that they remove weak hands and over-leverage from the market. The subsequent price action in the coming days will reveal which narrative prevails. Conclusion The $367 million crypto futures liquidation event underscores the persistent volatility and high-risk nature of leveraged cryptocurrency trading. While the hourly figure captures attention, the broader context of $453 million in 24-hour liquidations and the prevailing market structure offers deeper insights. These events routinely test market liquidity, exchange infrastructure, and trader risk management frameworks. Moving forward, participants must weigh the potential rewards of leverage against the demonstrated risks of sudden, cascading liquidations. The health of the overall market often depends on its ability to absorb and recover from these periodic deleveraging shocks. FAQs Q1: What causes a futures liquidation in cryptocurrency markets? A futures liquidation occurs automatically when a trader’s leveraged position loses enough value that their remaining collateral (margin) can no longer support it. The exchange’s system closes the position to prevent a negative balance, often resulting in a total loss of the trader’s initial margin. Q2: How does a $367 million liquidation compare to past events? While significant, it is not unprecedented. Historical crashes have seen hourly liquidations exceed $500 million. This event is a substantial volatility spike but remains within the observed range for crypto markets, especially during periods of high leverage and bullish sentiment. Q3: Do liquidations only happen when prices go down? No. Liquidations can happen in both directions. While this event involved mostly long positions (betting on price increases) being liquidated during a price drop, a sharp price rally can similarly liquidate short positions (bets on price decreases) if they become under-collateralized. Q4: What is the difference between a liquidation and a stop-loss? A stop-loss is a voluntary order set by a trader to sell at a specific price to limit losses. A liquidation is an involuntary, forced closure executed by the exchange when a margin requirement is breached. In futures trading, liquidations happen automatically based on maintenance margin levels. Q5: Can large liquidations create buying opportunities? Some traders believe they can. The theory is that forced, indiscriminate selling during a liquidation cascade can push prices below their “fair value,” creating a temporary discount. However, this is a high-risk strategy, as the selling pressure can continue, and catching a “falling knife” requires precise timing and risk management. This post Crypto Futures Liquidations Trigger $367 Million Hourly Market Shockwave first appeared on BitcoinWorld .

23 Feb 2026, 01:49

Bitcoin slides 5%, tumbling below $65,000 as whale selling grows and recent buyers lock in losses

On-chain data from Glassnode and CryptoQuant shows large holders dominating exchange inflows while short-term investors continue to sell at a loss, pointing to a fragile base-building phase.