Update
Aggressive Short Positions on Cryptocurrency Market
On October 27, an aggressive buildup of short positions is underway on the cryptocurrency market. Bitcoin's spot price is declining in a narrow trading corridor around $79,756.00, with aggregated Open Interest accelerating towards the $28.18 billion mark. CryptoQuant's Maartunn records a classic bearish divergence, indicating a massive entry of short sellers and a potential sharp forced closure of positions. The market is experiencing a large-scale withdrawal of coins from exchanges, with a large whale withdrawing 11,330 BTC (about $903 million) from Binance to two new cold addresses. This removes supply from exchange order books and reduces the share of short-term holders in profit to a healthy 70%. The short-term flat is caused by anticipation of macroeconomic statistics from the U.S., while a fierce battle for liquidity is underway in the real-world asset (RWA) tokenization sector.