Coinglass shows CME Bitcoin open interest just dropped around 15% in 24 hours (as of 09:50 GMT). Roughly $110M in liquidations over that window. Network‑wide OI down about 4–5%. BTC is sitting around $76,300.. basically flat vs yesterday’s level. That’s the signal everyone is missing right now. When leverage exits this violently, price has historically tended to follow it down: cascading liquidations, panic selling. That’s the usual playbook. This time it didn’t happen. What you’re looking at is a market that just had its weak hands surgically removed and didn’t flinch. Funding is flat to mildly positive, not screaming crowded longs. Yesterday’s spot BTC ETFs saw about $14.76M in net inflows – capital flowed into BTC during the flush, not away from it. The crowd sees “liquidation” and assumes breakdown. The data shows a clean leverage reset with price holding the range. Only one of those is actually reading the structure. #BitcoinOG #CryptoX
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