Over the past 24 hours, on-chain perpetuals smart money net bought $4.91 million worth of BTC. The largest trade was closing a $1.52 million short.
Long and short wallets were split 49 to 51, almost even. Most of the net buying came from short covering; new longs showed only moderate strength.
There are still sizable shorts on the books. Some belong to major players who have been hedging for years, so the short figures look scary, but they’re not all bets on a price drop.
What matters more to me is whether this net buying can bring in more volume. If volume doesn’t pick up, treat it as short covering—not a reversal just yet.
#BitcoinReboundsTo$75,000ChipStocksLead $BTC
Long and short wallets were split 49 to 51, almost even. Most of the net buying came from short covering; new longs showed only moderate strength.
There are still sizable shorts on the books. Some belong to major players who have been hedging for years, so the short figures look scary, but they’re not all bets on a price drop.
What matters more to me is whether this net buying can bring in more volume. If volume doesn’t pick up, treat it as short covering—not a reversal just yet.
#BitcoinReboundsTo$75,000ChipStocksLead $BTC
