The bears dumped $84.78M, but the price didn’t drop—instead, it went up?! Starting from 11:18 yesterday, multiple large market sell orders appeared on HTX BTC/USDT perpetual contracts: First wave: 11 orders, totaling $33.1569M Second wave: 5 orders, totaling $15.058M Third wave: 6 orders, totaling $18.1015M Fourth wave: 6 orders, totaling $18.4697M In total: 28 orders, 1.4M contracts, with a position value of $84.78M, average sell price $60,585.3. These sell orders share two common traits: - The quantity per order is highly consistent, all at 50,000 contracts - Open interest increased simultaneously during execution This doesn’t look like ordinary retail selling. It’s more like a single major player or strategy, building short positions in batches. Here’s the issue: after these shorts were executed, BTC didn’t weaken as expected. Instead, the price continued to test higher levels. At the current price, these shorts are already sitting on an unrealized loss of about $1.44M. This is the most interesting part: it’s not that the bears didn’t act—it’s that after they acted, the price didn’t move as they anticipated. Now, $60,585.3 becomes a critical level: - If BTC stays above this cost line, these shorts will remain under pressure, potentially forcing them to stop out or add margin. - If the price falls back below the cost line, the bears regain control. So, here’s the question: can these $84.78M shorts push BTC back below their cost line? HTX BTC