BCH bounced back—269, and I’m still up. The two moves of recovering and healing still feel powerful—turning green within an hour; spot: all three hours’ twelve candles are fully bullish. But at the same time, on the derivatives side, the actively matched sell volume is pressing down more than buys, while open interest is still shrinking. This rebound isn’t fresh money entering—it’s short covering plus spot small orders being hard-lifted.
Where is the real money headed? On-chain spot leverage long/short ratio is 3.67×—in the last 12 hours it even added 33%. The strongest “buyer” is all on the leverage side, propping it up with borrowed funds. Funding fees are lying at about 0.01%, stuck to the floor. The longs won’t even pay a single cent of holding fee—this isn’t a bottom forming; it’s the inventory from dropping below 306 trying to find an exit for breakeven.
The latest 15-minute net inflow of large orders is 0. The net that’s lifting the price is from mid-sized and small orders—scattered silver crumbs are just propping the stage.
Plan/stance: if 270 can’t get reclaimed and held, stay short; if 260 breaks, look lower. This rally has already burned through the “firewood” after a 50% rise—what comes next is all unwinding. For a reversal signal, you need spot large orders to turn positive, open interest to be built up again, and the price to get back above 282. Before that, any rebound is the profit of short positions. #bch $BCH
Where is the real money headed? On-chain spot leverage long/short ratio is 3.67×—in the last 12 hours it even added 33%. The strongest “buyer” is all on the leverage side, propping it up with borrowed funds. Funding fees are lying at about 0.01%, stuck to the floor. The longs won’t even pay a single cent of holding fee—this isn’t a bottom forming; it’s the inventory from dropping below 306 trying to find an exit for breakeven.
The latest 15-minute net inflow of large orders is 0. The net that’s lifting the price is from mid-sized and small orders—scattered silver crumbs are just propping the stage.
Plan/stance: if 270 can’t get reclaimed and held, stay short; if 260 breaks, look lower. This rally has already burned through the “firewood” after a 50% rise—what comes next is all unwinding. For a reversal signal, you need spot large orders to turn positive, open interest to be built up again, and the price to get back above 282. Before that, any rebound is the profit of short positions. #bch $BCH
