Anomalies are highlighted first: $BTC marks the price at $63,883.5, open interest still at $6.31 billion, with longs accounting for 64%, and buy orders at a ratio of 1.2.

This is not a structure where the bears are fully in control, but rather after the price rebound, the longs still hold positions, and active buy orders haven't been fully withdrawn.
But the fear index is only 8, indicating that spot market sentiment and futures positions are misaligned: people are very fearful, and leverage hasn't been fully reduced.
The most relevant point today is that the strategy has resumed buying, purchasing 1,550 BTC.
This temporarily suppresses the question that market watchers have been watching in recent days: "Did Saylor sell or not?"
The issue is that if, after the news is confirmed, the price cannot hold above $63k, then the 64% futures longs could instead turn into passive liquidity during a pullback.
The second point is that after the rebound above $63k, $BTC has already liquidated about $540 million in shorts.
This indicates that short positions have been squeezed once, and further gains will require new active buy orders to continue the rally, rather than relying solely on short stop-losses to push the price higher.
So, the next focus isn't on news headlines but on open interest: if the price stays flat but open interest continues to pile up, both longs and shorts will become more fragile.
The third point concerns ETH.
Bitmine has added another 127k ETH, bringing the on-chain holdings to 5.54 million ETH, but the funding rate for ETH remains at -0.39%.
This suggests that some participants are taking the spot narrative, but on the futures side, the market is still leaning bearish or hedging.
If ETH price doesn't follow, a negative funding rate isn't necessarily bullish immediately; it may just indicate that leverage hasn't fully adjusted.
The current market boundary is very clear: if $BTC stabilizes above $63k, watch whether active buy orders can continue; if it drops back, observe how many longs in the $6.31 billion open interest start to withdraw.
Extreme panic is not a bottom signal; only when leverage truly decreases can risk be considered released. #FuturesOrderBook
Assisted by Claude Opus 4.8 to organize futures data, for informational purposes only. Please verify independently.