$PTB what the market is really doing right now
After a sharp pump and an aggressive dump, PTB is no longer trending — it’s in a post-liquidity phase.
What stands out:
• Open Interest dropped sharply → positions were flushed, liquidations already happened
• Price stabilized above the local low → no panic continuation
• Funding is still positive (~0.12%) → longs haven’t capitulated
• Long/Short ratios show no dominance of shorts yet
• Volume is fading → no strong buyers stepping in
This is an important detail:
Despite the dump, funding didn’t reset. Optimism is still there.
From a market-maker perspective, this is not an ideal environment to push price higher:
pushing up rewards crowded longs
pushing down too hard doesn’t punish enough participants
The most profitable scenario here is time:
sideways action
funding bleed
emotional exhaustion
A clean upside usually comes after:
funding cools down (near 0 or negative)
shorts become confident
price stops making lower lows
Until then, any upside move is likely to be short-lived rather than structural.
