This rally is mechanically driven—liquidation cascades on Binance futures, not organic spot demand. Binance short squeeze metric printed 6.94 this week, the highest reading since late 2024.
Classic bear market structure: futures-driven spikes without spot follow-through. When derivative fuel exhausts and no real capital steps in, downside risk remains elevated.
Shorts got wrecked, but the setup for another leg down is intact.
Classic bear market structure: futures-driven spikes without spot follow-through. When derivative fuel exhausts and no real capital steps in, downside risk remains elevated.
Shorts got wrecked, but the setup for another leg down is intact.