BTC/USD — The Flush That Won't Stop FlushingBitcoin / U.S. dollarBITSTAMP:BTCUSDThecantillonreport$468 million in liquidations. A single $61.5M whale blown out on HTX. Fear & Greed at 5. And the structure hasn't changed one bit. The Setup: Bitcoin plunged from $68,600 Saturday to $65,750 this morning after Trump escalated global tariffs from 10% to 15%. The weekend rally? Gone. Every leveraged long that chased the bounce? Liquidated. This is a pattern now. Rally → reload longs → flush → repeat. What the Terminal Shows: Structure: BEARISH POC Distance: -3.18% In Value Area: YES Price is trading 3.18% below the Point of Control — the level of maximum institutional conviction. That means the heaviest volume node is above current price. Institutions built their positions higher and are distributing into every rally that approaches their cost basis. The magenta line (AVWAP) is the tell. It's declining steeply — currently near $76,000 while price sits at $65,750. That gap is institutional gravity. Every time price tries to rally, it runs into sellers who built positions at higher levels and are using strength to exit. "In Value Area: YES" means price hasn't broken down below the acceptance zone yet. We're still inside the range where institutions consider fair value. That's the only constructive read on this chart. Below the value area, it's air pockets. The Volume Profile Story: Look at the cluster on the left side of the chart. That massive volume concentration sits around $90,000-$96,000. That's where the real institutional positioning was built during the October-January rally. The gap between there and current price tells you the magnitude of the distribution that's occurred. Down here at $64,000-$68,000, the volume profile is thin by comparison. We're in a range, but it's not a range built on conviction. It's a range built on liquidation cascades and dead cat bounces. The $68,000 Problem: Every rally this month has stalled at or near $68,000. That level isn't random — it's structural resistance where selling supply concentrates. Three weeks of price action have confirmed it. Until buyers can reclaim and hold above $68,000 with volume, rallies are sells. Below, $64,000-$65,000 has held since the February 5 flush. If that breaks, the next structural support is $60,000. Between $60,000 and $64,000? Thin volume. Air pocket. Fast move. What I'm Watching: Scenario 1: Range holds ($64,000-$68,000) More chop. More liquidations in both directions. Compression builds. Eventually resolves — but the declining AVWAP means time favors the bears. Every day the AVWAP drops, the ceiling gets lower. Scenario 2: Break below $64,000 Retest of $60,000. That's the February low and the psychological level where real bids exist. If you're looking for a long setup, that's where the risk/reward improves. Not here. Scenario 3: Reclaim $68,000 and hold above $70,000 First sign the structure could be shifting. Not a regime change — AVWAP is at $76,000 — but it would be the first higher high in weeks. It would take significantly more than one candle close above $70K to shift bias. The Discipline: Whale ratios on exchanges just hit 0.64 — highest since 2015. That means nearly two-thirds of all BTC flowing onto exchanges is coming from the 10 largest deposits each day. Big money is distributing. Not accumulating. When whales are selling and retail is buying, the price goes one direction. Catching that knife requires more than conviction. It requires the structure to confirm. Right now, it doesn't. The regime is BEARISH. The AVWAP is declining. The POC is above us. Every rally into $68,000 is being sold. Sometimes the best trade is no trade. --- What levels are you watching? Drop them below. 👇 Institutional Volume Terminal — available on TradingView #Bitcoin #BTC #Crypto #TradingView #InstitutionalVolume #VolumeProfile