The thing that stands out to me right now is that Bitcoin has been moving higher while open interest has been coming down. A lot of people will look at the price chart and assume new longs are driving the move. I'm not convinced. When price rises while open interest falls, it usually points towards shorts closing, short liquidations, and spot buyers doing the work. That's why I've been paying much more attention to order flow recently. Price tells you what happened. Order flow tells you why it happened. Most people spend all day watching the chart. The real story is usually happening underneath it.

The thing that stands out to me right now is that Bitcoin has been moving higher while open interest has been coming down.

A lot of people will look at the price chart and assume new longs are driving the move.

I'm not convinced.

When price rises while open interest falls, it usually points towards shorts closing, short liquidations, and spot buyers doing the work.

That's why I've been paying much more attention to order flow recently.

Price tells you what happened.

Order flow tells you why it happened.

Most people spend all day watching the chart.

The real story is usually happening underneath it.

— That Martini Guy ₿ (@MartiniGuyYT) Jun 14, 2026