Can BTC still reach $65,000? $54.5 million in short positions versus $11.82 million in bottom-fishing.

Yesterday, the biggest highlight in the market was not the rise or fall of BTC, but the clear divergence emerging among smart money. On one side, Hyperliquid whale Oxa183 closed out long positions and swiftly opened a $54.5 million BTC short; on the other, another high win-rate account also increased short positions by $31.29 million. Combined with a single-day net outflow of $424.7 million from the US spot BTC ETF, bearish sentiment accelerated quickly. But in early trading today, new signals began to appear on-chain. Within just 45 minutes, four smart money addresses collectively went long on BTC, purchasing a total of $11.82 million. Meanwhile, several Hyperliquid large accounts continuously closed out shorts, indicating some funds are taking profits and attempting to reposition for longs. For traders, the real focus now is not on chasing rallies or shorts, but whether BTC can decisively reclaim $65,000. If BTC breaks out with volume and holds above $65,000, bearish pressure could further ease, and there may still be room for continued upward momentum in the short term. However, if it surges only to fall back again, and ETF funds keep flowing out with shorts increasing positions, then $63,500–$65,000 may remain a strong resistance zone. The market has already entered a phase of long-short tug-of-war; from here on, it’s not about sentiment, but whose capital can persist until the end.