I opened BTR after that drop, and my first thought was:
Well, at this point it's just trivial.
The price is near $0.052.
In a day — almost -46%.
And from the local high near $0.22, the coin has basically lost most of its value.
It would seem that after something like this, traders should just run away from longs.
But I opened the derivatives.
And it’s been hanging around a bit.
Among the 100 largest traders long/short — about 1.95:1.
For position holders — about 1.5:1.
That is, even after such a crash, there are still more long positions.
And that’s what’s already interesting.
An even stranger thing—OI.
While the price was falling, open interest rose from roughly 59.7M to 62.4M BTR.
So the market isn’t just falling for no reason.
More positions are building up.
And the funding at the last level actually dropped to about -0.24%.
And here I don’t want to say:
“This is definitely the bottom.”
Because it’s not at all certain.
Maybe some traders are catching the drop and going long too early.
And if sellers keep pressing, these positions can become fuel for the next leg down.
But there’s also the other side.
If BTR stops falling and starts reclaiming the lost levels, those same shorts could very quickly end up under pressure.
So right now I’m not looking at how scary -45% looks.
What interests me more is how the market behaves after this drop.
$0.05 is psychologically an important area for me right now.
If we lose it, I wouldn’t rush to catch the bottom.
But a return above $0.062–0.065 would already make me look more closely at OI and positioning.
Because then a very interesting situation will arise:
the price starts to recover,
OI remains high,
and traders are still skewed to one side.
Then you’ll be able to see who was actually on the wrong side of the market.
I came to BTR with the thought:
“After -45% it’s already too late to look for anything here.”
And now I’m thinking differently.
Maybe the most interesting part of the move hasn’t even started yet.
Price is falling. OI is rising. There are more longs.
Now the question is only one:
Is this an attempt to catch the bottom—or a trap before the next wave?
