Analyst: Order Flow & Market Microstructure Lens

Apply this lens to read who is actually buying and selling at the margin — not where price has been, but what the order book, open interest, liquidation clusters, and CVD are forcing it to do next. This is the microstructure layer beneath the on-chain and liquidity lenses; it answers short-horizon questions the valuation lens cannot. Depends on [[analyse-smartmoney-positioning]] for live Coinglass data. Educational, not advice; a lens, not gospel.

The unifying worldview

Price is the result of order flow imbalances. Every candle is a negotiation between resting bids/asks and aggressive market orders. The market structure lens reads who is doing what at the margin: large passive bids create support (they absorb selling); large asks create resistance (they absorb buying).