Macro data doesn’t move markets. Structure does.

On days when macro data hits,
price doesn’t just “react”.

Macro events don’t set prices directly.

They shift capital flows.

Risk assets respond.

In spot markets, that means repricing.

Derivative markets — especially futures — amplify the move.

When leverage is concentrated near key levels,

a macro release doesn’t just move price —

it forces positions to close.

Liquidations are mechanical.

They respond to market structure.

Markets are probabilistic.

Open interest reveals positioning.
Volume confirms participation.
Leverage changes the risk distribution.

If your exposure is oversized when capital rotates,
the market doesn’t punish you.

It processes you.

Structure decides outcomes.