Glassnode: Hyperliquid long positions in BTC continue to increase during the downtrend, raising the risk of a short squeeze
ChainCatcher News, according to a report released by data analytics platform Glassnode (@glassnode), even though the BTC price remains far below its all-time high, traders on the Hyperliquid platform are continuing to increase long positions, with a buying-the-dip sentiment prevailing throughout the entire downtrend and the potential for a short squeeze in the market continuously building.
Meanwhile, altcoin cycle signals have returned to "altseason," selling pressure on altcoins is drying up, but BTC continues to be under downward pressure, with the current market trend still mainly driven by BTC performance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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