Bitcoin on positioning:

Open interest in Bitcoin jumped 21.05 percent in 24 hours, while price only climbed 1.61 percent. Funding is at 6.49 percent annualized, indicating some bias to the long side but not a crowded trade. When open interest spikes faster than price advances, it's often a sign that fresh bets are still being placed, not taken off. If the rally loses steam, this can set up for shakeouts.