the BitFinex Alpha weekly report is probably the best free report out there
They don't try too hard with presentation but the content is excellent
the 2025 report is here
Discussion
The weekly version is where the good stuff is though; it's normally excellent. As is this week's because BTC liquidity does indeed feel tight
https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-btc-sell-side-liquidity-drying-up/