In Issue 10 we explore recent market moves. On April 12, BTC and ETH derivatives traders loaded the same side together. By April 14, they had completely diverged – and five days later, the gap was still widening. Bridget and our CCO Chris Soriano tracked what happened when the same squeeze hit two cohorts and produced opposite responses. One rebuilt shorts. One rebuilt longs. Something structural is driving this split.

Bridget and our CCO Chris Soriano tracked long/short positioning across BTC, ETH, SOL and XRP through the April US-Iran ceasefire. Oil plunged. Equities surged. Crypto barely moved – but the story underneath is messier than that. Four assets, four different playbooks. One absorbed the macro shock. The others had already decided not to care.

In October 2025, crypto traders came in short and bought the crash hard. In April, they came in max-long — and trimmed. Bridget's long/short analysis across Binance and Bybit captures the moment the dip-buying reflex quietly shifted. The book is still long. But for the first time, it got lighter when it had every reason to get heavier.

The week of March 17 handed crypto traders two reasons to reduce risk. First the Fed held rates and revised inflation higher, sending BTC from $74,000 to $70,900 in hours. Then Iran escalated, oil pushed above $100, and the market sold off again. And again. And again. What the derivatives book has shown since is that traders responded to all of it the same way: they bought.

On March 18, the Federal Reserve delivered exactly what crypto markets didn't want: an upward inflation revision and a dot plot anchored at one cut for 2026. BTC dropped from $74,000 to $70,900 within hours. We asked Bridget to skip the headline and read the positioning data.

Last weekend, U.S. and Israeli strikes on Iran sent Bitcoin crashing to $63,000. By Wednesday it was touching $74,000. The narrative on both sides of that move was loud – panic sellers on the way down, euphoric buyers on the way up. We asked Bridget to ignore the narrative and measure the actual structure. What she found cuts through both camps.

SOL is down on the week. The funding market is screaming that shorts are winning. Yet the majority of traders haven't moved. We asked Bridget to look past the price action and measure what's actually happening beneath the surface of the SOL market this week. What she found is one of the clearest examples of conviction versus market signal we've seen in recent memory. Are the longs right to hold, or are they just not paying attention?

The crypto market has been grinding lower, and the prevailing headline is that liquidity has disappeared. We asked Bridget, our AI Analyst, to look past the macro panic and measure the actual order books.

In crypto, we are taught to 'Follow the volume'. The logic is simple: High Volume = High Liquidity. But last week, Bridget flagged a structural warning sign. We compared the 'Active Flow' (volume) against the 'Passive Walls' (depth) and found a massive disconnect.

Everyone is talking about the recent price crash, but they are ignoring the quality of the volume. We analyzed the market structure during the drop using Bridget, our AI analytics tool