From Monday's BI Report (#27): Mind the Gap Spot Market Liquidity ...Shifting from perpetuals to the spot order books, we see that despite the recent discount from ATH, major spot venues have not yet shown the liquidity patterns typical of bottom formation phases. A Liquidity HeatMap is a visual tool that shows the concentration of buy and sell orders at different price levels over time, using color intensity to highlight where liquidity clusters are forming. Hotter colors indicate dense liquidity, helping traders identify significant support or resistance zones. As shown in the Binance BTCUSDT and Coinbase BTCUSD heatmaps, the current structure remains skewed toward the sell side, in sharp contrast to the concentrated buy-side liquidity observed during March–April 2025. Until a similar buy-side buildup emerges, expectations for a structural momentum shift remain premature... Read our weekly reports by joining the Bitcoin Intelligence family using the link in my bio (free trials available).(Sina 🗝️⚡ 21st Capital)