In the past few days, global markets have experienced significant turbulence.

A quick glance at the current capital flows makes it clear what everyone is talking about.

At such a stage, the market is again discussing holding BTC:

Bitcoin and cryptocurrencies are at the stage of being safe-haven assets.

But the reality is different.

On the $HYPE leaderboard, the positions are actually the opposite:

➜ Long: 40%

➜ Short: 60%

● Total open contracts amount: $2.44 billion

➜ Long positions: $969 million

➜ Short positions: $1.477 billion

● Short positions in major currency pairs dominate:

$BTC: 33% bullish

$ETH: 34% bullish

$SOL: 41% bullish

$XRP: 47% bullish

$SUI: 42% bullish

● Meanwhile, more longs are only showing up in small-cap tokens:

$HYPE: 53% bullish

#FARTCOIN: 58% bullish

$PEPE: 57% bullish

Overall: The market is heavily skewed towards “shorts” in mainstream currencies.

Many people expect Bitcoin to break new highs. But as short positions accumulate, they will become fuel.

Before a larger drop occurs, closing these short positions is a high-probability event.

Therefore, I expect a significant rise to occur first, followed by a substantial drop by the end of January or February.