Bitcoin Falls as Short Sellers Pile In, Even as Spot Buyers Step Up

Bitcoin experienced a sharp pullback on Thursday, driven primarily by short selling, which exacerbated losses. In the 90 minutes leading to the drop, Bitcoin slipped 1.5% from $115,000 as open interest—representing the total number of unsettled derivative contracts—climbed by 2.3%, adding over $591 million in notional value, according to Velo data. The cumulative volume delta of perpetual futures on offshore exchanges, such as Binance and Bybit, decreased, while the spot CVD remained steady, suggesting that ...