Market looks stable on the surface, but the structure says otherwise.

Feb wiped out overleveraged longs.
Now Apr is doing the same to shorts.
Data from Coinglass shows over 118k traders were liquidated in the past 24hrs, with $431M wiped out in a single move.
But open interest hasn’t meaningfully reset, and spot activity continues to fade.
That’s the key imbalance:
Less spot demand → no real absorption
Persistent OI → leverage stays in the system
Liquidations → become the primary driver of price
So moves aren’t being bought or sold.
They’re being fueled by forced liquidations, not conviction.
Until either:
OI properly resets
Or spot demand returns
This market doesn’t trend.
It just rotates risk until something breaks.