There's a lot going on right now, so this will be a 2-part post today. Open interest (OI) has continued to decline, and funding rates have continued to rise. At the same time, spot volume has continued to rise, and the Coinbase Premium Index is almost turning positive. This suggests that this rally has moved from an unhealthy leveraged-driven rally to a healthy demand-driven one. The 1D liquidation heatmaps show that the majority of shorts above price have been cleared, and there are a number of longs below price, with a dense cluster around $74k. Still a few thousand dollars below price. The 1W maps show a similar setup. The shorts have predominantly been cleared, yet we don't have the dense clustering of longs below price and instead see them relatively distributed over a much larger area down to around $65k before we see the denser clusters. Moving out to the 1M heatmaps, we can see a small cluster still above price and virtually none till down to around $62k. This suggests that while we may have some downside in the near term, there does not seem to be enough short positions to provide a sustained short squeeze. And the higher timeframe maps are showing something completely different. Check out the next post dropping soon. #OI #Funding #Liquidations bitcoin:native