The percentage of traders holding long positions fell all the way from 60% to 49%, suggesting that most retail traders have already flipped short. Yet MAGIC’s price simply won’t budge downward.
The market hasn’t just avoided a drop—open interest in futures has surged by more than 170%, and over $4.5 million in short positions were wiped out in just 24 hours.
Retail traders keep piling in to call the top, stacking up positions, only to be met with even more brutal liquidation cascades. Is this really a sign that the bulls are running out of steam? Clearly, the opposing side is just supplying more fuel for the rally.
As long as the shorts haven’t given up and thrown in the towel, there’s no reason to exit spot positions. In a squeeze like this, the rally won’t stop until the shorts are completely forced out and flushed from the market.
#以太坊突破2500USDT #MAGIC $MAGIC
#MAGIC $MAGIC
👇
The market hasn’t just avoided a drop—open interest in futures has surged by more than 170%, and over $4.5 million in short positions were wiped out in just 24 hours.
Retail traders keep piling in to call the top, stacking up positions, only to be met with even more brutal liquidation cascades. Is this really a sign that the bulls are running out of steam? Clearly, the opposing side is just supplying more fuel for the rally.
As long as the shorts haven’t given up and thrown in the towel, there’s no reason to exit spot positions. In a squeeze like this, the rally won’t stop until the shorts are completely forced out and flushed from the market.
#以太坊突破2500USDT #MAGIC $MAGIC
#MAGIC $MAGIC
👇