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You do not liquidate $4,000,000,000 in $BTC shorts during a simple bear market rally. Study. MMs build short delta to eventually take it once the bear market is over. We just printed a 25% weekly candle and broke above essentially every significant level that mattered. If we were truly still in a bear market, we shouldn't have had this move. Bear market retests are typically shallow, controlled, and designed to protect short exposure. Instead, we completely obliterated shorts. $BTC