Bitcoin is experiencing a forced deleveraging phase, trading between $86,000 and $90,000, as liquidations surge. In the past 24 hours, $679 million in positions were liquidated, affecting 198,686 traders, with $600.9 million in long positions and $78.1 million in shorts. The largest single liquidation was $15.2 million in Ethereum on Binance. Spot and futures flows indicate a defensive market stance. Bitcoin spot flows showed a 12-hour increase of $173 million but a 24-hour decrease of $36.6 million, with a weekly outflow of $1.18 billion. Futures flows saw a 24-hour outflow of $1.55 billion and a weekly outflow of $5.87 billion, reflecting risk reduction and position trimming. The Coinbase Premium remains negative for 11 consecutive days, signaling a risk-off mode in U.S. spot flows. Market structure suggests leverage is being flushed, with rebounds driven by liquidations rather than demand. A shift towards sustained spot inflows, a positive Coinbase premium, and stabilization in open interest would be needed to alter the current defensive posture. Until then, volatility is attributed to leverage rather than a trend change.