I've been staring at the chart $BTC for a while, and something seems off. One green candle doesn't mean a sustained uptrend, especially when you look at today's 24-hour OI data. 🤓
The Binance Futures data for the past 24 hours paints a pretty clear picture: Longs are cutting their losses en masse. $BTC is leading the way, with its price down -1.84% and OI down -1.74%. Clearly, this signals that Longs are accepting defeat, pushing $BTC into an Exhaustion state. ETH is no better, with its price down -2.15% and OI down -1.55%—the same scenario. ZEC deserves special attention, as its OI has plunged the most, by -5.54%, while its price is down just -1.85%—a very aggressive Long liquidation. SOL also reinforces this trend, with its price down -3.58% and OI down -4.13%. XRP and BNB are in this group too, with prices down -3.08% and -3.96%, respectively, alongside declining OI. All of this points to an exhaustion phase near the bottom, with Longs having surrendered.
The Binance Futures data for the past 24 hours paints a pretty clear picture: Longs are cutting their losses en masse. $BTC is leading the way, with its price down -1.84% and OI down -1.74%. Clearly, this signals that Longs are accepting defeat, pushing $BTC into an Exhaustion state. ETH is no better, with its price down -2.15% and OI down -1.55%—the same scenario. ZEC deserves special attention, as its OI has plunged the most, by -5.54%, while its price is down just -1.85%—a very aggressive Long liquidation. SOL also reinforces this trend, with its price down -3.58% and OI down -4.13%. XRP and BNB are in this group too, with prices down -3.08% and -3.96%, respectively, alongside declining OI. All of this points to an exhaustion phase near the bottom, with Longs having surrendered.
