Bitcoin hits $85,000 as short squeeze forces out $648 million of bearish bets
In this news:
Bullish flow: For the first time in weeks, the taker long-short volume ratio in crypto futures market is leaning nearly 53% in favor of the bulls. In other words, buyers are now driving more inflow, which is consistent with the bullish price action in the market.
Bitcoin’s OI increases: Bitcoin’s total futures open interest (OI) has topped 700K BTC for the first time in weeks. Though this is still considerably short of record highs, the upswing points to increased demand for leverage as the spot price rally gathers pace.
Bullish whale positioning: On Binance, signals are mixed. The exchange’s whale account long/short ratio is hovering around 1.0, indicating that whales are executing market orders at an equal buy-and-sell pace without driving immediate intraday price momentum. However, the overall whale derivatives position ratio sits above 2.0, signaling that large accounts are structurally holding massive, leveraged long exposure and positioning for a major move up.
Record OI in CRO: Open interest (OI) is climbing across multiple tokens, but CRO is completely decoupling from the pack. Futures open interest tied to CRO has surged to a record high of 536 million tokens, validating the asset's aggressive price , danger is flashing in the derivatives data. Annualized perpetual funding rates have spiked to nearly 60%, signalling that long positions are heavily overcrowded. When funding costs hit these unsustainable extremes, the market structurally primes itself for heightened volatility and a potential long squeeze.
Positive CVDs: Speaking of the 24-hour cumulative volume delta (CVD), bitcoin and ether have the highest readings among the top 20 coins. The positive reading shows that the buy-side flow is more aggressive and is being executed at market orders rather than passive limit orders.
Vol indices rise slightly: Both bitcoin and ether’s 30-day implied volatility indices, BVIV and EVIV, show a slight uptick but nothing out of the ordinary. It shows that traders expect an orderly rally.
Calls in demand: In the Deribit-listed options market, traders continue to chase upside via calls or bullish bets in both ether and bitcoin, 24-hour volume rankings show. A large call spread in ether crossed the tape via Paradigm early today.
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