Bitcoin Rally Stalls as Traders Reduce Bullish Bets
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Bitcoin price surged nearly 16% in early December on anticipation of a spot ETF approval, but faced rejections at $37,500 resistance level
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Pro traders have reduced leverage long positions due to Bitcoin's volatility, with losses totaling $390 million in past 5 days
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Top traders on exchanges like OKX have flipped from 3.8 long-to-short ratio to now 38% favoring shorts, suggesting profit-taking
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Options data shows increasing demand for puts over calls, indicating traders were caught off-guard by the price rally
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Rally to $44,000 seems healthy as there's no excessive leverage, but some big players have reduced bullish bets