HashKey’s Tim Sun noted that open interest stayed stable while funding rates were low or even negative before the selloff — meaning there wasn’t an overcrowded long trade waiting to collapse. The liquidations mainly hit short-term traders trying to catch the dip, not long-term structural bulls. 📊
The bigger issue right now is macro pressure. U.S. 30-year Treasury yields just pushed above 5%, increasing the opportunity cost of holding non-yielding assets like Bitcoin while tightening liquidity across markets.
Key support remains around $75K–$77K, with the market still trading in a defensive range waiting for a major catalyst. 🎯
Geopolitics could decide the next move:
• De-escalation with Iran → lower oil prices → easing inflation → lower yields → BTC relief rally 📈
• Escalation → rising yields and renewed pressure 📉
Right now, $BTC is reacting more to Treasury yields and oil than on-chain metrics. Watch the 30-year yield closely — it may be the most important Bitcoin indicator this week. 🧠⚡