Bitcoin’s on-chain structure remains neutral, while derivatives show no signs of overheating, CryptoQuant analyst CoinNiel said. Exchange net inflows fell sharply from 2,724.6 BTC on September 11 to 211.8 BTC on September 12, indicating that selling pressure persists but has weakened significantly. The funding rate declined from 0.005646 to 0.003604 but remained positive, while open interest increased from approximately $25.01 billion to $25.15 billion. The combination suggests long positions remain dominant without excessive leverage. The Kimchi Premium index also dropped from 2.10 to 0.98, showing that Korean spot demand remains at a premium but short-term buying momentum has cooled. CoinNiel described the current structure as neutral to slightly constructive, with a clearer bullish signal requiring net inflows to turn negative.