$BTC setup getting messy.
Spot buying still solid—continuation of the last few weeks. That's bullish on its own.
But open interest spiked hard. New leveraged positions flooding in.
Here's the tell: perp CVD barely moved despite the OI surge. Means aggressive longs are entering, but so are aggressive shorts. Two-sided leverage build.
Last time we saw this structure, longs got too aggressive and got flushed. I think we're setting up for the same—price moves against whoever's overextended.
Right now that's longs. Another downside sweep is very much in play.
Spot demand is still holding though, so the bigger picture isn't broken. Just watching for the leverage flush before the next leg.
Spot buying still solid—continuation of the last few weeks. That's bullish on its own.
But open interest spiked hard. New leveraged positions flooding in.
Here's the tell: perp CVD barely moved despite the OI surge. Means aggressive longs are entering, but so are aggressive shorts. Two-sided leverage build.
Last time we saw this structure, longs got too aggressive and got flushed. I think we're setting up for the same—price moves against whoever's overextended.
Right now that's longs. Another downside sweep is very much in play.
Spot demand is still holding though, so the bigger picture isn't broken. Just watching for the leverage flush before the next leg.
