According to @cas_abbe, Bitcoin de-leveraging has started as shorts built after the October 10 crash are now being closed, implying a short-covering driven rise in BTC. According to @cas_abbe, this process could persist for 2-3 weeks with BTC continuing to trend higher. According to @cas_abbe, the key threshold is open interest returning to October 10 levels and BTC moving above $100,000, at which point a major positioning decision is expected. According to @cas_abbe, if spot demand remains firm while traders keep fading the rally, the traditional 4-year cycle could break and a new all-time high may occur in Q1 2026. According to @cas_abbe, traders should track BTC open interest versus the October 10 baseline, the pace of short closures, and price reaction around $100,000 as near-term catalysts.

According to @52kskew, BTC has rallied from market demand into visible supply, with significant new positioning added since the recent low, source: @52kskew on X, Oct 1, 2025. The rally coincided with large perpetual futures bids and a rise in open interest into price, indicating likely accumulation by a significant fund, source: @52kskew on X, Oct 1, 2025. A sustained Coinbase bid and premium in recent days helped drive spot price into 118K, source: @52kskew on X, Oct 1, 2025. Order books now show notable ask depth on both sides and fresh ask liquidity acting as market supply, source: @52kskew on X, Oct 1, 2025. For bullish continuation, dips should see proactive spot buying with a leverage flush, while 115K remains an important level to watch, source: @52kskew on X, Oct 1, 2025.

According to Paradex Network, Phase 3 updates the Waitlist with Social Scores that factor referral quality using the formula Social Score = Referral Score × (1 + XP Boost + Activity Boost + Referral Boost + Mystery Boost), where Referral Score = External Reputation + Paradex Reputation, source: Paradex Network. According to Paradex Network, External Reputation aggregates Kaito Reputation and Chain Reputation assessing wallet credibility, past activity, and identity proofs, while Paradex Reputation includes volume, open interest, TVL, XP, and referrals, directly connecting trading activity to a higher Social Score, source: Paradex Network. According to Paradex Network, users can invite up to 3 friends every 24 hours and using all three unlocks a new set the next day, with each referral quality-weighted to boost the Social Score and move users higher on the waitlist, source: Paradex Network. According to Paradex Network, the Waitlist is subject to closure at any time without notice, source: Paradex Network.