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Chris Burniske @cburniske
, 5 tweets, 2 min read Read on Twitter
1/ Lots of chatter about #bitcoin shorts at ATH's over the last couple weeks & particularly now as someone opened a 10,000 $BTC short position ( > $70M) last night.
2/ The interesting thing with outstanding short positions as an indicator is it can simultaneously be interpreted in opposite ways.
3/ From a momentum perspective, lots of short positions can be interpreted as a good time to pile on, as shorts collectively work to break an asset's back.
4/ From a contrarian perspective, lots of short positions can be seen as "rocket fuel" to the upside if the shorts are wrong and get squeezed (learned through @CathieDWood)
5/ I'll let you choose your interpretation re: $BTC right now, but important to hold both opposing "short thoughts" in your mind at the same time.
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