$BTC As mentioned yesterday, we dropped to a lower level
> Buy settlement levels: 213 | Sell settlement levels: 479 (Δ: -266)
-> Approximately $8 billion of imbalance -> Short positions at risk
Weekend conditions are still crucial here:
> Order books are thin
> Weaker participation in the spot market
> Easier for price to break in either direction
> In terms of positions, a return to 79.2k–80k makes sense
> The largest positions are currently sitting (>150m each).
> Positions >100m size: 18 short trades vs 2 long trades
Flows and structure remain weak
> The liquidity above is a magnet in the short term - but Bitcoin needs actual flows for that movement.
> If buyers don’t show up here, we’ll leverage the positions beneath us from the last few weeks.
-> The price followed exactly the line we drew two days ago
Below the current price, there isn’t much standing in the way of a drop to the 76.4k area (the level we discussed daily)
> Buy settlement levels: 213 | Sell settlement levels: 479 (Δ: -266)
-> Approximately $8 billion of imbalance -> Short positions at risk
Weekend conditions are still crucial here:
> Order books are thin
> Weaker participation in the spot market
> Easier for price to break in either direction
> In terms of positions, a return to 79.2k–80k makes sense
> The largest positions are currently sitting (>150m each).
> Positions >100m size: 18 short trades vs 2 long trades
Flows and structure remain weak
> The liquidity above is a magnet in the short term - but Bitcoin needs actual flows for that movement.
> If buyers don’t show up here, we’ll leverage the positions beneath us from the last few weeks.
-> The price followed exactly the line we drew two days ago
Below the current price, there isn’t much standing in the way of a drop to the 76.4k area (the level we discussed daily)