BTC derivatives market faces strong selling pressure ahead of US macro data

Bitcoin is facing strong selling pressure from the derivatives market ahead of the U.S. Consumer Price Index (CPI) announcement, crypto analyst Darkfost wrote in a CryptoQuant contribution. According to the analyst, the monthly average market order buy volume in the futures market has turned negative again. After a brief period from last November to this January when buyers had the upper hand, sellers now hold a distinct advantage. On Binance, the market buy-to-sell ratio has fallen from 1 to 0.97. Darkfost noted that this trend is accelerating and would require significantly stronger spot demand to reverse. Given current spot trading volumes and spot ETF inflows, the market appears to be driven primarily by futures trading. The recent rebound seems unstable ahead of key U.S. macroeconomic data releases, including the January non-farm payrolls and unemployment rate on Feb. 11 and the CPI on Feb. 13, he concluded.