$BTC liquidity update > Long liqLevels: 118 | Short liqLevels: 446 (Δ: -328) ~12B imbalance remains heavily skewed toward shorts. > however, many seem to forget we're trading in a bear market environment -> warning about such breakdowns for weeks > positioning imbalances can persist much longer than people expect when aligned with the dominant trend. still: > shorts remain the crowded side > positioning above price is becoming increasingly attractive that doesn't mean we have to rally immediately, but it does mean the larger fuel source currently sits overhead. > recently we flushed a 280M position around 70.4k. largest remaining single liq level: > 74.8k (~300M+) & 76.3k (~350M+) those remain the primary magnets if flows can stabilize and improve. > a move into those areas would likely require stronger spot demand and/or short liquidations accelerating the move higher. below current price, meaningful liquidity doesn't really show up again until around 65k, which remains the next target for my swing shorts for now: > positioning favors squeezes higher > trend still favors lower prices > flows will decide which side gets paid first my shorts are doing very well here, so i'm staying patient and reactive.