The most interesting part of this chart isn’t the price drop. It’s what happened to open interest. Early in the move, BTC was falling while open interest was rising. That tells you new shorts were entering the market and adding fuel to the downside. Now we’re seeing the opposite. Price has continued lower, but open interest has been getting drained out of the market. The liquidity is disappearing. That’s usually what happens after the big positions have already been built. The question I’m asking now isn’t how many people are short. It’s whether there are enough shorts trapped in this move to create a violent squeeze when the market finally turns. Or a slightly punchier version: BTC dropped.

The most interesting part of this chart isn’t the price drop.

It’s what happened to open interest.

Early in the move, BTC was falling while open interest was rising.

That tells you new shorts were entering the market and adding fuel to the downside.

Now we’re seeing the opposite.

Price has continued lower, but open interest has been getting drained out of the market.

The liquidity is disappearing.

That’s usually what happens after the big positions have already been built.

The question I’m asking now isn’t how many people are short.

It’s whether there are enough shorts trapped in this move to create a violent squeeze when the market finally turns.

Or a slightly punchier version:

BTC dropped.

That’s obvious.

What interests me more is the open interest.

The biggest rise in open interest came while price was breaking down, which suggests fresh shorts were piling in as the market fell.

Since then, open interest has been bleeding out.

Less liquidity. Less participation.

At some point, the market runs out of sellers.

The only thing I’m watching now is who gets trapped next.

— That Martini Guy ₿ (@MartiniGuyYT) Jun 6, 2026