The crash of this Bitcoin-backed asset to historic lows isn't surprising when we look at the flow structure. While the ETFs of $BTC keep piling up volume, this type of instrument with forced dividends is starting to struggle due to unsustainable hedging and much more agile competition. The market is clearing the fluff and moving liquidity towards direct ownership of the asset, leaving these synthetic products out in the cold. I’m trading $BTC under the thesis that simplifying investment vehicles is bullish for the main asset. The drop of these derivatives reinforces my position: institutional investors no longer want intermediaries charging excessive fees for structures that break at the first market adjustment. My plan is to watch the support at $63,500 in $BTC ; if we hold that level, the outflow from these obsolete products will end up being fuel for the next spot impulse. The bearish setup for the derivative solidifies as the dividends/value ratio remains under pressure. Key data: The traded volume in alternative products has dropped by 22 percent in the last month, while open interest in options of $BTC maintains a solid base above $18 billion according to market data. The invalidation level for my short-term bullish thesis is below $61,200.