Micro-level observation on the divergence between BTC futures and spot prices:

It can be seen that after the price surged to 106,000 in the early session, the first 'door' appeared, leading to a price drop, while the spot premium continued to rise, indicating that retail short sellers had entered the market heavily, hence there is a possibility of further liquidation, as they provided a large amount of short-term high-leverage liquidation above the price;

Subsequently, the price surged again, but the premium of the cryptocurrency was decreasing, indicating that retail long buyers also... entered the market heavily, thus increasing the amount of short-term high-leverage liquidation below the price;

Thus, there is again downward liquidation pressure on the price...

Why was BTC so volatile on Monday morning? The reason is simple: after a whole weekend of low volatility, a lot of eager funds were impatient to participate in trading.

The cause of all this was precisely a wave of price increase caused by institutional reallocation or spot purchases last night, during which the spot premium basically remained unchanged, indicating no divergence between futures and spot;

In the subsequent pullback, high-leverage short futures took the initiative first, then all were wiped out, followed by high-leverage long futures also taking the initiative, currently in a quite delicate state.

In summary, the key to watch next is whether the premium can rise again with the price drop, then the third door would be completed, and a fourth door could be drawn... breaking a new high again!

If the premium starts to decline with the price drop, then in this back-and-forth game of drawing doors, the shorts might achieve final victory...

Simply put, it’s about watching which side the spot major forces tend to support in this fierce battle between futures bulls and bears~

#BTC挑战11万大关 #美国加征关税 #山寨季何时到来？ #MichaelSaylor暗示增持BTC #币安AlphaSUI生态交易竞赛 $BTC $ETH $XRP