😁 Bitcoin jumped 24.6% in just five days, but open interest actually fell 12.6% at the same time. Around 64,000 BTC worth of positions were closed, with shorts accounting for 89% of liquidations.
That suggests much of the rally came from short sellers being forced to buy back, rather than fresh money entering the market. Options and futures data told a similar story: the short end repriced quickly, while longer-dated contracts barely moved.
💡 Price shows you what happened. The data behind it can tell you why. That’s also why BoBe looks beyond individual candles and processes broader market data when executing its spot strategies.