$BTC

BTCUSDT

Perp

65,774.2

-0.91%

First time this cycle seeing price up while OI trends down on an intermediate timeframe. Six weeks of price going up, six weeks of OI going down. This rally was not caused by new buyers entering the market; it was caused by shorts closing out. $BTC Shorts were closing out, making money, exiting the market, and that caused the price to go up. That’s not the same as people wanting to buy the thing. In a real rally, the OI would have gone up because people were closing out shorts and people were entering the market. That $BTC