Crypto market brief · 2026-09-12
BTC +0.19% over 24h. Liquidity state: GROUND STATE (27). US traders have bid below the global price for 7 straight days. Fear & Greed 63 (greed).
Market pulse
Where the market stands right now: price, dominance, sentiment, and sideline capital.
- BTC $77242 · +0.19% in 24h
- BTC dominance 58.24% · total market cap $2.7T
- Fear & Greed: 63 (Greed)
- Retail Euphoria Index: 66 (EUPHORIA)
- Stablecoin supply: $312.3B · +$631.3M 24h
Liquidity & stress
ByKaranteli's own liquidity-state model plus the gap between US-regulated and global pricing.
- PsiCharge state: GROUND STATE · score 27/100
- In this state over the last 12 months (4824 readings), BTC averaged -0.02% over the next 24h and closed higher 49% of the time
- Coinbase Premium -0.02%: US bids below global price, day 7 of the streak
Flow & positioning
Order-flow toxicity and where leveraged open interest moved in the last 24 hours.
- BTC order-flow toxicity (VPIN) 0.12, 16th percentile of 90 days
- Biggest OI move: SOLUSDT open interest +2.2% with price -0.4% (quiet)
- Across 10 tracked majors: 1 adding leverage, 1 squeezing out
- Top-30 perp positioning: 13 symbols long crowded, 17 in short ramp
Whales, positioning and stock perps
What the largest Hyperliquid accounts hold, how Binance accounts are positioned, the stock and commodity perps, and the Korea and Turkey premium.
- Hyperliquid whales (top 300 accounts by equity): $1.2B long vs $2.2B short, 36% long
- BTC whale book: 32% long on $893.2M of open positions
- BTC on Binance: long/short accounts 1.65, top-trader positions 2.23, taker buy/sell 1.04 (1h)
- Stock and commodity perps: 190 contracts, $3.9B open interest; largest XAUUSDT ($378.4M), most liquidated CLUSDT ($756550 in 24h)
- Kimchi premium (Upbit BTC) -0.024%, Turkey premium (BtcTurk BTC) -0.040%
Options desk
Implied volatility and what the tape actually paid for in the last 24 hours.
- BTC implied volatility (DVOL): 36.7
- 24h taker premium: $708945 into calls vs $437693 into puts
- Largest print: sell BTC-25DEC26-85000-C · $473575 premium
- Put/call OI ratio 0.56 · call wall at $80000, put wall at $60000
Liquidations
Forced liquidations recorded across our exchange feeds in the last 24 hours.
- 24h wipeouts: $22.5M longs vs $25.7M shorts across 42,657 events
- Largest single liquidation: ETHUSDT $829294
- No cascade in 24h (38 in the last 30 days)
ETF flows
US spot ETF net flows, last finalized trading day.
- BTC ETFs $13.3M on 2026-09-11 · day 4 of the outflow streak
- ETH ETFs +$216.4M on 2026-09-11 · day 1 of the inflow streak
Calendar
What is scheduled, and what similar days have actually done to price.
- FOMC statement · September 15-16, 2026 in 4 days
- Fed days move BTC 2.7x a normal half hour (17 meetings measured)
- CFTC week of 2026-09-08: hedge funds net -7,892 BTC futures contracts (-272 WoW)
Dive deeper
This brief is a rollup · each number above comes from a live page you can click into. Liquidity state: PsiCharge. US premium: Coinbase Premium. Order flow: VPIN radar. Options: GEX + DVOL.
Past briefs
Every daily brief is archived with the numbers it shipped with.