Prices are going through the roof, but contract open interest is plunging off a cliff. When the order book looks like this, don't rush to declare the bull market back.
This rally in US isn't driven by new money rushing in to scoop up coins at all—it's an illusion created by short positions getting liquidated in a cascade. Without genuine long buyers providing support, a rally fueled purely by short squeezes is as fragile as paper.
The price action in the early hours of the 10th ripped the mask right off: the 4-hour chart surged to 0.03488 and then ran out of steam, failing even to touch the previous high. It promptly turned around and got slammed by a massive $100 million sell-off, triggering a single-candle 19% plunge. This wasn't a technical shakeout; it was early profit-takers cashing out decisively, using the liquidity from short liquidations.
The second attempt to test the top failed, a massive bearish candle hit like a ton of bricks, and the fuse on the plunge has been lit. If you stubbornly chase longs at this level, you're not buying an opportunity—you're buying the mess the whales are dumping on you.
#以太坊突破2500USDT #US $US
#MAGIC $MAGIC
👇
This rally in US isn't driven by new money rushing in to scoop up coins at all—it's an illusion created by short positions getting liquidated in a cascade. Without genuine long buyers providing support, a rally fueled purely by short squeezes is as fragile as paper.
The price action in the early hours of the 10th ripped the mask right off: the 4-hour chart surged to 0.03488 and then ran out of steam, failing even to touch the previous high. It promptly turned around and got slammed by a massive $100 million sell-off, triggering a single-candle 19% plunge. This wasn't a technical shakeout; it was early profit-takers cashing out decisively, using the liquidity from short liquidations.
The second attempt to test the top failed, a massive bearish candle hit like a ton of bricks, and the fuse on the plunge has been lit. If you stubbornly chase longs at this level, you're not buying an opportunity—you're buying the mess the whales are dumping on you.
#以太坊突破2500USDT #US $US
#MAGIC $MAGIC
👇