Today I saw a post on #BINACESQUARE that said that if we all went short we would be millionaires.

But really in previous years when we see people start to turn against the market is when the market turns and liquidates the largest positions in history, and right now if you look at this chart of bitcoin futures for the first time since January 2023, we are seeing that people are already in the majority going short.

So if we capitulate that we are in a negative funding rate, people are starting to think that we are going to go back much further from the levels we are currently at. Which at least I interpret as us already touching the bottom of this wave 4 and we are about to start a bullish movement of a few months.

So I no longer see $BTC below $50,000k, because it would be a gift, especially given the current price and wear and tear on all the alts.