Yesterday, the biggest highlight of the market was not the rise and fall of BTC, but the clear divergence of smart money.
On one hand, Hyperliquid Whale Oxa183 tied a long order and then opened a $54.5 million BTC short order with a backhand; On the other hand, another high winning account also increased its short position by $31.29 million, coupled with a net daily outflow of $424.7 million from the US spot BTC ETF, causing a rapid rise in bearish sentiment.
But in early trading today, new signals began to emerge from on chain funds.
In just 45 minutes, four smart money addresses collectively transferred multiple BTC and bought a total of $11.82 million; At the same time, multiple Hyperliquid giants have continuously liquidated their short positions, indicating that some funds have begun to cash in profits and are attempting to restructure their long positions.
For traders, the real concern now is not chasing after gains or losses, but whether $65000 can regain its stability.
If BTC breaks through in volume and stabilizes at $65000, bearish pressure is expected to further ease, and there is still room for further upward momentum in the short term; But if there is another surge and a pullback, and ETF funds continue to flow out and short positions increase again, then $63500-65000 may still become a strong pressure zone.
The market has entered the stage of long short game, and the next competition is not about emotions, but about whose funds can persist until the end.
Risk Warning: The views, conclusions, and recommendations presented in this article are for reference only and do not constitute investment advice. The market is risky, and investment needs to be cautious.
