Open interest in BTC futures sits near $13.2B while spot price drops 3.47% — classic divergence signal. When OI holds steady during price decline, liquidation cascades are priced in; when OI spikes into weakness, shorts are adding leverage into a potential squeeze. The metric to watch: if OI contracts below $12.8B on this dip, capitulation is real; if it stays elevated, this is positioning, not panic.
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