$BTC breaks again, 72,850—just 1.7% away from 74,070 on June 1. In the past five days it’s risen 15.3%, and many people have started shouting “it’s crowded”—but the data doesn’t say that. The large holders’ position ratio has jumped from 1.52 to 1.7661 within 24 hours, adding and accelerating more. Meanwhile the retail long-vs-short ratio is still lying around 1.02; it even dipped below 1 the day before yesterday. It has risen for five days and most people haven’t chased. The pullback to 70,000 is turnover. Those who hold the chips are buying themselves up; retail traders still haven’t gotten to the table.