CryptoQuant founder Ki Young Ju highlights Bitcoin‘s spot order flow distribution as a practical lens on range-bound price action. In this regime, the data often maps to a two-step dynamic: when prices rise, Retail FOMO tends to coincide with Whale Sell-off; when prices slip, Retail Sell-off aligns with Whale Accumulation, signaling shifting liquidity within the spot market and a proxy for evolving trader sentiment during tight cycles.
At present, the signal sits in a Price Decrease phase, with Whale Accumulation predominant. Market participants should watch on-chain liquidity and the interaction between retail activity and large holders, as this configuration has historically accompanied consolidation before the next leg of directional price discovery. Maintain disciplined risk controls and corroborate with additional indicators before adjusting exposure.