Start with the trigger
Identify the first confirmed catalyst: a macro data release, ETF outflow day, liquidation cascade, exchange incident, regulatory headline, or broad risk-off move.
Check the numbers
Look at price, volume, open interest, liquidations, funding, ETF flows, dollar strength, Treasury yields, and exchange inflows before assigning one simple explanation.
What to watch next
The follow-up matters more than the first candle. Watch whether spot buyers return, ETF flows stabilize, leverage rebuilds, and support levels hold on high volume.
| Leverage | Open interest, funding, liquidation clusters |
|---|---|
| Institutional demand | Spot ETF flows and issuer updates |
| Macro | Dollar, yields, equity risk appetite, Fed expectations |