📊 Orderflow Pulse
Feb 11, 2026. The market is always right, and today the tape is whispering a clear message: the sell pressure on BTC dwarfs the buy, even as select alphas in ETH show pockets of curiosity. Total buy pressure sits at 187.6M while total sell pressure swells to 840.6M, a stark reminder that the trend’s weight favors sellers in the immediate flow. The smart money is leaning toward distribution in BTC, with the majority of execution concentrated on the sell side across OKX, Hyperliquid, Bybit, and Spot venues. Patience pays here: the market is not your friend when it’s rushing you into a false dawn. This too shall pass, but right now the flow is signaling caution more than conviction, especially for BTC buyers chasing a pivot that hasn’t materialized in the orderbook.
🐋 Accumulation Watch
Top 5 assets with BUYING pressure:
- ETH — 43.6% buy ratio; Volume: $159.6M; Exchanges: OKX, Bitget, Hyperliquid (mixed presence)
Interpretation: The ETH bid is real, with meaningful flow on multiple venues. It suggests smart money views ETH as a relative value against BTC drag, or as a hedge against broader USD liquidity pressures. The 43.6% average buy ratio indicates disciplined accumulation rather than reckless chasing. Continuation: Possible, yes, if macro and on-chain signals align; watch for incremental bid upticks and a tightening spread between ETH and BTC quotes.
- ETH — 88% buy pressure (volume $121.3M on OKX, Hyperliquid)
Interpretation: A stronger print within ETH’s local orderflow; indicates a near-term bid strength on select venues. Could reflect risk-adjusted appetite or an anticipation of ETH-led catalysts. Continuation: Moderate. If this persists alongside broader ETH liquidity, we may see a steadier floor forming.
- ETH — 90% buy pressure (volume $37.4M on OKX, OKX)
Interpretation: A narrower but clean buy impulse on a top-tier venue. Smart money nibbling at higher-probability pacing. Continuation: Conditional on macro tempo; not a guarantee of broad ETH resilience, but supportive in the near term.
- SOL — 89% buy pressure (volume $7.3M on Bitget, Hyperliquid)
Interpretation: Small but confident buying pockets in SOL suggest tactical positioning rather than broad alchemy. Continuation: Possible if narrative and on-chain signals reinforce a SOL bid.
- BTC — 96% sell pressure is dominating BTC markets overall, but the strictly BUY slices on ETH show a nuanced rotation: still, buyers need conviction to shift BTC flow.
Interpretation: The ETH buy signals exist as counter-flow hedges; smart money is diversifying within crypto rather than blasting BTC higher.
Is accumulation likely to continue? The higher-level answer is: modest, asset-specific, and venue-tuned. Accumulation tends to survive in ETH pockets as long as BTC weakness keeps acting as the market’s gravity. For BTC, it remains a risk-off moment; accumulation on BTC would require a broader liquidity or macro turn that redefines yield dispersion. The thematic lesson: follow the ratios, not the hype. Don’t chase a single signal; let multiple lines of evidence align.
📉 Distribution Alert
Top 5 assets with SELLING pressure:
- BTC — SELL pressure 93% ratio; Volume: $477.8M on OKX; Exchange mix includes OKX
Interpretation: A heavy, wide-scale BTC dump pattern; the market is discounting near-term upside. The large volume and high ratio underscore a risk-off stance or profit-taking on a moving BTC line. Continuation: Strong; unless a catalyst re-energizes buyers across venues, further distribution seems plausible.
- BTC — SELL pressure 96% ratio; Volume: $148.7M on Hyperliquid, Bybit Spot, OKX Spot
Interpretation: The carry-through on multiple exchanges signals broad consensus for selling BTC into the read of the day. This is not a one-off; it’s a rhythm. Continuation: Likely to persist in the near term, barring a major intervention or liquidity shift.
- ETH — SELL pressure 87% ratio; Volume: $50.1M on Hyperliquid, OKX
Interpretation: ETH seeing selling pressure in a fairly clean split across venues; not as explosive as BTC, but persistent. Continuation: Could ease if ETH buyers above begin to outpace sellers, but as of now the bias remains modestly bearish-to-neutral.
- ETH — SELL pressure 91% ratio; Volume: $47.2M on OKX, OKX, Bybit
Interpretation: A robust tranche of selling on a dominant venue, reinforcing a distribution narrative around ETH. Continuation: The pattern suggests equilibrium could tilt to more selling unless buyers return.
- SOL — SELL pressure 93% ratio; Volume: $13.8M on OKX, Hyperliquid, Bybit Spot
Interpretation: A concentrated SOL dump in smaller notional but high-probability timing. Continuation: If macro risk-on margins stay thin, SOL may slide further before buyers re-emerge.
Is distribution almost done or continuing? The data leans toward ongoing distribution rather than a complete capitulation bottom. The size of BTC’s sell dominance, plus the parallel ETH and SOL reductions, suggests the market is digesting risk and realigning exposures. The line between "we’re pulling profits" and "we’re capitulating" is fine; today’s flow favors the former in the major coins. The old rule—don’t catch falling knives—applies: let the knives settle into the floor before trying to stand in the gap.
💰 BTC & ETH Deep Dive
Detailed orderflow analysis for majors:
- BTC: Buy volume 0.0M; Sell volume 633.4M; Avg buy ratio 7.7%
Exchange breakdown shows heavy selling on OKX across multiple streams, with additional selling from Hyperliquid and Bybit Spot. The stark contrast between negligible buy volume and outsized sell pressure says it all: the current decisive tug is toward the downside. The average buy ratio of 7.7% underlines the frailness of any attempted buy support; this is a swing where risk controls and stop discipline matter. In practical terms, BTC traders should treat this as a risk-off baton passing moment rather than a buying opportunity until a clear pivot emerges on the tape.
- ETH: Buy volume 159.6M; Sell volume 98.1M; Avg buy ratio 43.6%
ETH shows more constructive demand than BTC, with a meaningful buy presence across the book, especially in some OKX-linked venues. The 43.6% average buy ratio signals more confidence backing ETH than BTC’s bid deficit. The split across exchanges (OKX, Bitget, Hyperliquid, etc.) suggests institutional hedges and smart money positioning for potential ETH resilience. The key takeaway: ETH is the relative strength story in a BTC-drag environment, but it still rides the tide of overall market risk.
What does this mean for the market? The immediate read is: BTC is being unloaded as the main driver of risk-off sentiment, while ETH holds a more selective bid in pockets. If BTC continues to lead the downside, ETH’s relative durability could offer early signs of reversion, but it’s not a guarantee of broad upside. For traders, this means layering risk management—stay nimble, adjust position sizes to flow strength, and avoid forcing BTC longs into a broken tape.
📊 Exchange Flow Patterns
Compare orderflow across exchanges:
- Coinbase (institutional) vs offshore: The data here shows heavy selling dominance on OKX for BTC, with supporting sell signals across Hyperliquid and Bybit. This leans toward a more offshore-exchange-driven risk-off mood rather than a Coinbase-led recovery bid. The institutional flavor (as seen in broader equity markets) is not the primary driver today; instead, the offshore, venue-specific selling discipline is the theme.
- Which exchanges have buying vs selling: ETH exhibits buying pressure on OKX and Hyperliquid in several instances, while BTC shows overwhelming selling across OKX and other venues. The divergence—ETH niche buying vs BTC broad selling—suggests sector rotation rather than uniform market-wide optimism.
- What this divergence tells us: The market’s flow isn’t a single chorus; it’s a chorus with solos. The smart money is selectively identifying ETH as a potential resilience proxy while BTC is being realigned downward. Expect more of these cross-thread flows until a clearer macro signal emerges.
🎯 Smart Money Signals
Based on today's orderflow:
- What to watch: The persistent BTC sell pressure amid muted buy flow is a caution signal. Look for any re-emergence of buy volume on BTC across major venues as a potential early warning of a reversal. Also watch ETH buy pockets for widening participation and volume growth as a potential sign of rotation back into risk assets.
- Accumulation plays to follow: ETH remains the most investable accumulation thesis today, particularly in pockets where buy ratios exceed 40% and volumes are sizable on multiple venues. If you see ETH bid broadening on OKX and Hyperliquid without an accompanying BTC bid, it could indicate smart money nibbling into ETH as a hedge against BTC risk.
- Distribution warnings: The heavy BTC and ETH selling across multiple venues suggests risk-off posture; scale back aggressive long exposure in BTC and be prepared for further downside unless a clear, confirmed bid appears.
- 24-48h outlook based on flow: The flow suggests continuation of risk-off with selective ETH resilience. The near-term path likely favors slow, measured declines in BTC, with potential stabilization or shallow recoveries if macro liquidity improves and buying interest expands on ETH.
⚠️ Divergence Alerts
Price going up but selling pressure? Price down but buying? In today’s pulse, BTC price action is not matched by buying pressure; the market is price-down with heavy selling, a classic warning for any premature long. ETH shows pockets where price strength could come with accompanying buy pressure, but the overall flow still carries a risk-off tilt. If you see ETH price rising on heavy buying on OKX or Hyperliquid while BTC remains weak, that could be a divergence worth tracing for a possible rotation cue. Remain disciplined—don’t chase lines that aren’t supported by the tape, and beware of false reversals.
Sign Off
This market moves in whispers and heavy hands, kid. The tape is telling us to respect risk, to pick our spots, and to wait for confirmation before drawing conclusions. The market is always right, and patience pays in times like these. Don’t catch falling knives; let them set and then step. This too shall pass, and when it does, the elders of the tape will show the way. Until then, stay measured, stay curious, and let the orderflow guide your steps.
Orderflow Pulse — February 11, 2026