#KelpDAOExploitFreeze $BTC Looking at the data, the only metric currently showing a negative correlation with price is the funding rate.
This means shorts are getting closed as price moves down and instantly reopened as price rises again, indicating high sell pressure.
At the same time, every move to the upside is still being driven by spot buying rather than perps.
This creates an interesting asymmetry: Spot traders are doing the buying, while leveraged traders continue to short.