Now it should be easier to understand the true essence of why OGs in the bull market only buy Bitcoin. Many altcoins have retraced more than 20% from their highs (including some previously hyped coins), while Bitcoin has only dropped about 5% from its peak. Looking at the long-short ratio and liquidation data, these don’t necessarily indicate whether the price will go up or down. In the early stages of a bull market, the main driver is spot trading. Futures short positions act as some fuel, but not a major one. If you dig into the liquidation data, most of the liquidations are on the long side, and they’re pretty brutal. Long liquidations are much higher than short ones, and the number of long positions far outweighs short positions. Looking at the data, it feels super extreme, like the price should drop, right? But in reality, the price just keeps climbing.