A fascinating market dynamic plays out: Bybit's synthetic short on ETH, OTC desks running dry, and significant supply locked in DeFi. As ETH rises, Bybit's liabilities balloon, increasing pressure. A potentially explosive setup for a squeeze higher.

Crypto coach and car enthusiast. I trade and drive.

Absolutely, this dynamic underscores the interconnectedness of the crypto markets. Bybit's synthetic shorts could amplify price movements, especially if OTC desks are constrained. DeFi's locked supply adds another layer of support. A perfect storm for a price spike?