$BTC longs are being flushed out as the market pulls back. The recent move lower has come with a sharp drop in leveraged long positioning. Cumulative Longs & Shorts Delta has nearly halved, falling from $400M+ to around $226M, while Open Interest has also dropped significantly. This suggests existing longs are being closed or liquidated, rather than traders aggressively piling into new shorts. In simple terms, a lot of the crowded long leverage is getting cleared. The market is still net long, though, so there could be more leverage to unwind. #BTC Price Analysis# #Macro Insights#