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$BTC liquidity & positioning > Long liq levels: 302 | Short liq levels: 380 -> Δ -78. > Shorts are slightly more at risk, fitting what we just observed in the flows: there is room for a corrective impulse > The broader liquidation imbalance dropped by roughly $4B and now sits around -$2B. > Despite that shift, the largest isolated position remains below us around 63k, roughly $150M position size. > We already cleared another ~$150M position around 63.8k, very close to the local low. Makes sense as a reaction point, but wasn't enough for me to justify a long. Leveraged levels tell a similar story. As mentioned in yesterday's video, we first cleared the local medium-leverage level above us before the expansion lower - that scenario played out very cleanly. Locally, the picture has now flipped: single leveraged levels are heavily stacked below price, while meaningful upside levels sit considerably further away. Combined with the flows -> some spot involvement, but the bounce amplified by short covering rather than aggressive fresh long positioning - I still see the current move as corrective. Primary assumption unchanged: room for a corrective push higher, but unless the underlying flows materially improve, I still expect it to fade and resolve into lower prices