📌 $BTC This wave of increase, some people say "the shorts are getting more numerous," which is completely wrong.

The actual data is not like that at all.

Throughout the entire rebound process, the real shorts are actually reducing their positions continuously, they are being forced to run. The real "buying on the rise" is not the shorts, but the leveraged longs charging forward.

To put it more bluntly:

The shorts are fleeing for their lives, while the leverage is on the rise.

Also, on the spot market, the order book depth has always been negative — indicating that someone is continuously selling spot, but leveraged funds don’t care about this and are desperately picking up the shares.

This is a typical case of:

Spot selling pressure + Leverage chasing high, the market is actually not healthy at all, the structure is very distorted.

So this wave of rebound, although the price is rising, is actually being propped up by short-term funds, not a rise that has solid underlying support. $BTC