The Great Deleveraging
Leveraged longs took a senseless beating over the last week — and it was perhaps overdue. BTC’s open interest on perps/futures fell from just under $30B in late November to just over $15B today. Sentiment has taken a turn for the worse, and it seems like the market is all but lost. But historically, deep deleveraging events (like this one) pave the path for bullish setups.