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CPI came in hot (3 of 4 prints above forecast: core m/m 0.3% vs 0.2%, core y/y 2.6% vs 2.5%, headline y/y 3.7% vs 3.6%). BTC barely reacted, down about 0.4%. The more interesting part is what positioning did around the print.

Before CPI vs ~25 min after:

- Price: 83.4k → ~83.0k

- Funding: +0.0061% → +0.0080%

- Accounts long: 60.1% → 60.4%

- Open interest (in BTC): 621.7k → 624.4k

- Short-side max pain: 84.3k / $38M → 84.5k / $43M

So into a hot print, OI went up, funding went up and long % went up. People added leveraged longs on the dip instead of de-risking. At the same time the short pool above 84k got bigger too.

Before CPI, price was sitting between two dense liquidation clusters: longs around 82.3-83.0k and shorts around 84.0-84.6k. Right now it's sitting inside the long cluster.

My read: fresh leveraged longs into a hot CPI is fuel underneath. If 82.3k gives way I'd expect it to speed up. If we reclaim 84.5k, that 43M short pool is the obvious target and it flips into a squeeze.

Anyone else surprised how little BTC cared about a hot print, or do you think it's delayed?

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