The Weak Hands Shakeout

Yesterday, there was plenty of action.

In the morning, the uptick in the CPI pushed Bitcoin immediately higher.

Throughout this short period, open interest spiked higher as longs jumped into late positions. This combined with FTX going offline contributed to a perfect storm for a minor shakeout of over-leveraged longs.

Despite this choppy action yesterday, this doesn't sway our bullish thesis.