Key takeaways:
Bearish Bitcoin traders were caught off guard by BTC’s rally above $90,000.
Spot volumes are driving the Bitcoin price rally.
Derivatives positions with a bearish bias remain at risk of liquidation.
Bitcoin (BTC) held above the $93,000 mark on April 24, suggesting a potential conclusion to the 52-day bear market that bottomed at $74,400. Although Bitcoin is beginning to show signs of decoupling from the stock market, professional traders have not altered their strategies, as indicated by BTC futures and margin market data.
BTC top traders’ long-to-short ratio. Source: CoinGlass
A higher long-to-short ratio reflects a preference for long (buy) positions, while a lower ratio indicates a tilt toward short (sell) contracts. Currently, the top traders’ long-to-short ratio on Binance stands at 1.5x, a notable decrease from the 2x level observed ten days earlier. At OKX, the ratio peaked near 1.1x on April 17 but has since lost