Bitcoin crashed and flushed leverage out, but is the bottom here yet?

- Bitcoin flushed $1.76B in leverage, mostly longs, and bounced to $63k. The Fear & Greed Index is at 12, which is basically the market screaming "I hate everything." Lacie Zhang at Bitget Wallet says this was a necessary technical reset, clearing out the crowded bullish bets faster than equities could blink. But don’t pop the champagne yet. Glassnode and Nansen are pointing out that exchange inflows are rising and ETFs have bled $4.4B in outflows for 13 straight sessions. The bounce looks like exit liquidity for those moving coins to sell. We’re stuck in a limbo where forced sellers are gone, but voluntary ones—compliance-driven de-riskers—are still dumping. Until spot buying actually shows up and funding rates normalize without re-leveraging immediately, this is just a pause, not a bottom. Keep your stop-losses tight and your skepticism tighter.