Major players on Bitfinex have been rapidly unwinding their $BTC long positions, which historically tends to precede significant market swings. Similar deleveraging activity occurred in early 2025 when Bitcoin was struggling around the $74k level—and that move opened the door for what followed.

This pattern aligns with Wyckoff Spring dynamics. When leverage gets flushed out, it often clears the path for sustained directional moves. The current setup bears striking similarities to that earlier correction phase, suggesting traders should watch closely for what comes next. Market structure like this typically precedes volatility expansion, making it a key setup worth monitoring on the charts.