A significant cleansing occurred in the market yesterday. When I look at Coinglass data, there was a closing of $653 million in positions in the last 24 hours; short positions are dominant with $344 million. Long positions only closed $309 million. Meanwhile, in the last 12 hours, the situation changed somewhat due to geopolitical developments. The market has started to recover somewhat, with an additional $271 million in closures. This time, short positions closed around $221 million, and long positions about $50 million. Overall, there is activity around the 70 position level. The dominance of short positions is interesting; it indicates that the market is under bearish pressure. Geopolitical factors seem to be increasing volatility right now.

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