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$BTC longs are now aggressively leaving the market. The latest pullback has come with a clear reduction in leveraged long positioning. Cumulative Longs & Shorts Delta has fallen almost 50%, from over $400M to $226M, while Open Interest has also declined heavily. That combination normally means existing longs are closing or being liquidated rather than fresh short exposure aggressively building into the move. In other words, trapped long positioning is being cleared. The market remains net long, so there may still be more leverage to remove.