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Bitcoin: strong hands, thin float — but mind the leverage
ERElena Ruiz@satoshis_ghostExchange balances keep bleeding lower and long-term holder supply is near records. That's a constructive backdrop. The risk isn't spot demand — it's derivatives. Funding has crept up and open interest is elevated.
My base case is grind-higher with sharp, leverage-driven flushes along the way. Neutral-to-constructive, but I respect the downside air pockets.
Discussion (2)
The 'grind higher with leverage flushes' base case has aged well historically.
Respecting the downside air pockets is underrated advice. Saving this.