Yonsei_dent
<๐จBTC Volatility Decreased due to the recent plunge/surge: Be aware of short-term positioning>
About 13-14 hrs ago, the BTC drop and the resulting Long Squeeze led to a sharp drop. It was a temporary oversold situation, and the market recovered and rose again. However, this led to the second largest (third after FTX) long liquidation๐ฉ in 2023. The Funding Rate๐ has returned to around 0 (0.003), and the open interest ๐ฃ has also decreased, and there is currently no significant increase. ๐ข In the short term, the volatility of BTC has decreased, and we need to be careful about setting positions. โ ๏ธ It is possible that Smart Money realized profits by buying BTC that fell sharply and then selling it when it recovered. Note the reduced upside potential due to exhaustion of buying pressure.