One thing that still stands out to me right now is the market keeps trying to stabilise without real expansion showing up underneath it.
BTC held up reasonably well, but open interest kept falling across both BTC and the broader market again. To me that matters because it changes the type of move we’re looking at.
Usually when price runs while OI keeps climbing hard, it feels more like leverage chasing the move. But when price holds while OI falls, it tends to look more like positioning getting cleaned out instead.
That doesn’t automatically make the market bullish obviously. It just means the market isn’t really behaving like a full breakdown either.
The bit that still feels missing to me is proper liquidity confirmation.
Stablecoin conditions still look pretty soft overall, ETH/BTC still isn’t convincing on the higher timeframe, and broader alt structure still hasn’t really repaired.
So right now this feels less like “new expansion” and more like pressure easing while the market tries to rebuild underneath the surface.
Curious whether people think this turns into proper recovery over the next few weeks or just another range before volatility comes back?