BTC Market Update — April 20 (Derivatives & Liquidity) 1. Liquidations 24H total: $418.5M → Longs: $334M → Shorts: $84.5M → clear long-side wipeout → market flushed leveraged buyers 2. Open Interest & Activity OI: $118.5B (↓) → positions closing Volume: $176B (↑) → activity rising during sell pressure → classic deleveraging phase 3. Funding & Positioning Funding: → slightly negative (USDT) → neutral to slightly positive (coin-margined) Long/Short ratio: → ~0.95 (balanced but weak) → no aggressive long build-up → market not ready for reversal 4. Session Behavior US session: → dominant selling → triggered liquidations Asia: → attempted stabilization → but recent flows turning negative again → intraday sellers still active 5. Liquidity Map → major liquidity clusters above: 76K–78K → downside liquidity: 73K–74K zone Current structure: → price moving between liquidity pockets → no strong reclaim of upper liquidity 6. Interpretation → long liquidation already happened → but no strong spot demand yet → bounce = technical, not structural 7. Conclusion Market in cleanup phase → leverage reduced → sellers still in control Short-term: → range or further downside likely → until real spot inflows appear Not financial advice.