
Jinze 金泽|Apr 04, 2025 23:44
Although I am happy to see and expect this situation to come closer, I also have to suspect that it is related to hedge funds being net short on BTC for a long time——
On the typical night of a margin call a few days ago, gold would be sold to replenish margin, and leveraged funds' positions in BTC were actually positions that had already won, just like gold, and could be closed first to reduce leverage.
In fact, in the past few weeks, as prices have fallen, bears have gradually closed their positions. Next week, CFTC data will cover the results of this week's April or May. If we see a significant drop in shorts at that time, we can further confirm this logic.
As far as OI is concerned, it has been decreasing, which proves that big players are leaving, and leveraged money is the biggest player among them.
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