In other words, further out futures dates are trading higher, so short investors in bitcoin are making money by rolling forward their short contracts. If long players were "trying to trap the short futures traders" they're definitely not succeeding.
I think two forces are at work here. First is that a lot of people who held on the way up realize finally a lot of their savings are tied up in a super volatile asset. As they see how much of their wealth can be wiped away in day, they're moving some amount of their savings out. (Now to have gotten to here in the first place, these long term holders are not intrinsically against risk since mathematical volatility equal / higher in the past; they just don't like this volatility when half their wealth is in it!)
Second is that people are still finding out about cryptocurrency. Crypto represents still less than 1% of the total real asset holdings of the world, so this would drive the price up. But this process is slow moving.
In other words, further out futures dates are trading higher, so short investors in bitcoin are making money by rolling forward their short contracts. If long players were "trying to trap the short futures traders" they're definitely not succeeding.
I think two forces are at work here. First is that a lot of people who held on the way up realize finally a lot of their savings are tied up in a super volatile asset. As they see how much of their wealth can be wiped away in day, they're moving some amount of their savings out. (Now to have gotten to here in the first place, these long term holders are not intrinsically against risk since mathematical volatility equal / higher in the past; they just don't like this volatility when half their wealth is in it!)
Second is that people are still finding out about cryptocurrency. Crypto represents still less than 1% of the total real asset holdings of the world, so this would drive the price up. But this process is slow moving.