I spent quite a while discussing this with a friend: Nvidia perpetual futures open interest has climbed to fourth place on Hyperliquid. Although 83% of trading wallets are long, they have accumulated unrealized losses of $14.6 million.
A blow to sentiment doesn’t mean the market has reversed; the key is whether support can hold.
This reminds me of a similar story from earlier, when the price moved differently from what everyone expected.
$BTC , 24h -0.39%.