The market may be setting up for a surprise move.
After several periods of fear throughout 2026, the Binance hack on October 29 added another shock to an already fragile market.
The impact was massive:
• $1.57B in crypto futures liquidations
• $522M in BTC liquidations alone
• BTC Fear & Greed dropped to 30
• Open interest fell as traders reduced exposure
Options markets are also showing defensive positioning:
The $74K BTC put expiring November 13 is currently one of the most actively traded contracts.
But here's what I find interesting:
BTC funding is still positive, meaning longs are paying shorts. Meanwhile, many traders may be tempted to short every bounce, move their stops close and expect another leg down.
A sharp move higher could catch bearish traders off guard and trigger a short squeeze.
This is why I think it's important not to get carried away by market sentiment.
Trees don't grow to the sky, but they don't fall forever either.
I'll be watching BTC levels closely and trading the next moves on N1 Perps DEX.
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