$AKE SHORTS GOT SQUEEZED, BUT NOW THE CROWD IS BACK ON THE SHORT SIDE. 👀
The rally already cost shorts around $8.8M in liquidations over the last 24 hours. Long liquidations were only $2.7M.
But look at what's happening now.
Around 65% of accounts are short, and every tracked exchange has flipped net short. Binance alone went from roughly 55% long to a short majority in just one day.
Sounds like squeeze fuel again? Not so fast.
Open interest has dropped 26% to around $111M. That's the part I don't want to ignore. Despite the crowd flipping short, total positions are shrinking rather than building.
Funding has also cooled from -0.38% to around -0.15% per 8H.
So the market has changed sides, but the derivatives data isn't showing an aggressive new build-up yet.
The first squeeze caught shorts off guard. The next one needs fresh positioning behind it. Right now, I'm more interested in whether OI starts expanding again than simply watching the short percentage. 👀
The rally already cost shorts around $8.8M in liquidations over the last 24 hours. Long liquidations were only $2.7M.
But look at what's happening now.
Around 65% of accounts are short, and every tracked exchange has flipped net short. Binance alone went from roughly 55% long to a short majority in just one day.
Sounds like squeeze fuel again? Not so fast.
Open interest has dropped 26% to around $111M. That's the part I don't want to ignore. Despite the crowd flipping short, total positions are shrinking rather than building.
Funding has also cooled from -0.38% to around -0.15% per 8H.
So the market has changed sides, but the derivatives data isn't showing an aggressive new build-up yet.
The first squeeze caught shorts off guard. The next one needs fresh positioning behind it. Right now, I'm more interested in whether OI starts expanding again than simply watching the short percentage. 👀
