Ahead of the Curve by K33

Bitcoin has seen its largest weekly reduction in derivatives exposure since October 2025, with remarkably little disruption to prices. In today’s episode, we examine why this orderly unwind supports a constructive outlook—and why lighter positioning alone does not guarantee another rally.

Following our recent discussion of capital returning to Bitcoin, ETF inflows have continued, though their pace has slowed. We explore profit-taking in perpetual futures, the substantial reset around CME’s September expiry, and what historical comparisons can tell us. Spot holders appear reluctant to sell into strength, while rising US Treasury yields remain the main counterweight.

Research and charts: k33.com/research.