Analysis: New positions are simultaneously accumulating on both the long and short sides in the BTC market, and increased volatility may be imminent.

October 25 - Market analyst Murphy stated that yesterday's market dip is currently observed as some chips pre-loaded onto trading platforms taking advantage of low weekend liquidity to pressure the market. It is noteworthy that there is currently no emotional expression on-chain at all. Bitcoin's entity-adjusted realized loss has not only not increased but actually decreased.

There is a key factor here, which is that it occurred over the weekend. Position adjustments by market makers, hedge funds, and other institutions will only take place on Monday, a working day. So it can be simply understood that yesterday's short-term dip was driven solely by chips at the trading platform level. Since October 14, perpetual contract open interest has continued to accumulate, and no position reduction was completed during each market pullback, nor was deleveraging completed during yesterday's decline. Currently, new positions are accumulating on both the long and short sides simultaneously, and a magnified volatility event is likely to occur next, and it will be observed which side is triggered first.