We are in oversold territory on the daily, in futures.

Since BTC was ranging around ~118k and ETH was above ~3.5k, the same pattern can be observed in Bitcoin and Ethereum:

- The OI has not moved

- There are more shorts than longs (in an exaggerated way)

- The funding is below normal in BTC and negative in ETH.

With the recent drop and the narrative that the cycle is ending, every pullback they try to initiate shorts as if it were the beginning of the bear market.