There’s one thing different about tonight’s rebound compared with the last one.
Market cap rose 2.13% over 24 hours—not a huge move. But over the same period, total open interest across the market fell 1.97%, to $405.9 billion. Prices are rising while leverage is falling—this rally isn’t being fueled by borrowed money.
Compare that with the night before: $930 million in liquidations over 24 hours, affecting 175,000 people. The ones getting hit were longs who added leverage above $80,000. Tonight, liquidations shrank to $222 million, and shorts actually made up 51.79% of the total. The same crowd was long yesterday and short today.
My take: when judging the quality of a rebound, leverage matters more than the size of the gain. If open interest falls as prices rise, it suggests the money coming in is spot or low-leverage capital—and that kind of rally is less likely to fall apart at the first bump. By contrast, a sharp jump in open interest while prices are rising is when you should be cautious.
What matters more to you: the size of the rebound, or the structure of the trading behind it?
#BTC #比特币 #CryptoMarket
Market cap rose 2.13% over 24 hours—not a huge move. But over the same period, total open interest across the market fell 1.97%, to $405.9 billion. Prices are rising while leverage is falling—this rally isn’t being fueled by borrowed money.
Compare that with the night before: $930 million in liquidations over 24 hours, affecting 175,000 people. The ones getting hit were longs who added leverage above $80,000. Tonight, liquidations shrank to $222 million, and shorts actually made up 51.79% of the total. The same crowd was long yesterday and short today.
My take: when judging the quality of a rebound, leverage matters more than the size of the gain. If open interest falls as prices rise, it suggests the money coming in is spot or low-leverage capital—and that kind of rally is less likely to fall apart at the first bump. By contrast, a sharp jump in open interest while prices are rising is when you should be cautious.
What matters more to you: the size of the rebound, or the structure of the trading behind it?
#BTC #比特币 #CryptoMarket