Today, this set of data left the bulls silent and the bears feeling comfy.
โช๏ธ OI: 102,616
$BTC ($7.88 billion), hanging at a high level
โช๏ธ Funding Rate: +0.00835%, almost neutral
โช๏ธ Long/Short Ratio: 1.23, bulls' share dropped from 60% โ 55%
Letโs break it down.
First, OI is high but not expanding. During the bounce from $74.3K to $77.4K, OI moved a bit (100K โ 104K) but quickly pulled back to 102K. What does this indicate? The rebound isn't mainly bulls adding to their positions; it's the bears covering. The spike driven by short covering, and once itโs done, itโs back to business as usual.
Second, the funding rate is near zero. Neither side is gaining an edge. Thereโs no short squeeze potential (rate too low), and the cost for shorts is negligible. Both sides are facing off, and no one is making the first move.
Third, the long/short ratio is sliding down. On the day of the rebound, the bulls' share shot up to 60%, but now itโs back to 55%. In just three days, 5% of the bulls have either closed their positions or got wrecked. Those who chased the rebound are getting cleaned out.
Hereโs a little extra for you:
On May 20, bulls' share was 59.25%
On May 24, bulls' share was 55.22%
Prices are bouncing, but the bulls are running for the hills.
Whatโs rising while holders are reducing their positions? Think about it.
#BTC #OI #ๅค็ฉบๆฏ #้พไธๆฐๆฎ