$BTC / $USD - Update $113,000 reclaim is a long position if you are not in already
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Following the launch announcement, exchanges like Binance, OKX, and Hyperliquiquit announced the launch of pre-market trading for the WLFI/USDT perpetual contract. The contract price surged to $0.55 that day, corresponding to a fully liquid valuation of approximately $55 billion. However, the price subsequently fell rapidly, plummeting by over 60% to approximately $0.20 in pre-market trading.
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The $ETH futures market liquidity distribution is still looking pretty healthy right now. Today's pullback wiped out all the new long liquidity above 4500, and currently, the nearest long liquidation zone is way down at around 4100-4150. That's why I think this pullback is healthy for now. Only when the price gets closer to the short liquidation zones than to the long zones do I start considering the possibility of a deeper correction. Recently, I haven't been trading much in futures—mostly spot, and not very frequently at that. Man, let me tell you! My back doesn't hurt, my legs aren't sore, and I'm sleeping like a baby these days~
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