The open interest money flow index is now extremely oversold on the daily timeframe. With the futures market now contributing to 80-90% of BTC’s trading volume, this index has been extremely useful in the current cycle.
Institutional bulls also have signs of returning. After trading at discounts since early May (BTC 40k), institutional spot traders on Coinbase are finally trading at premiums compared to retail spot traders. On the futures market, both asset managers and leveraged funds have increased their net positions on CME in the last week of July. Furthermore, all of the trader categories on CME are now net long, which is a rare occurrence. While the increase in open interest on CME has not caught up with that on Binance, the existing institutional participants have changed from a bearish bias to a bullish one.