Everyone watches crypto order flow.

Open Interest is rising.
Funding is becoming extreme.
CVD is diverging.
Liquidations are accelerating.

On a chart, these signals often look like a complete trading thesis.

High Open Interest means excessive leverage, so a crash must be close.

Heavy aggressive selling looks like capitulation, so a bottom must be forming.

Large liquidations suggest forced sellers are exhausted.

Order-book imbalance appears to reveal where price will move next.

But there is a more important question:

**Are these indicators actually predicting the future, or are they simply describing what already happened?**

We tested common crypto order-flow narratives using multi-year BTC…