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. That is exactly why the probability of trending back down to a new low in Q4 looks extremely unlikely, incentive-wise, structurally, and fundamentally. A lot of people will probably revenge short after getting blown out. It happens every cycle. They’ll convince themselves the move is "just another bear market rally" because accepting the structural shift is harder than fighting it. Ignore anyone telling you that you shouldn’t be bullish. Structure has already confirmed the shift. The positioning has been reset. Shorts have been blasted out of the market. You don’t do that in a sustained bear market. In a real bear market, you protect the shorts, encourage increasingly aggressive short positioning, and let the market grind lower. Instead, we just saw the opposite. Shorts were encouraged. Short delta became enormous. The market broke higher. And then the entire positioning structure was squeezed into oblivion. That is not how a bear market behaves. That is how a trend transition begins.(Killa)