Analyst: Traders have been actively closing long positions since July 31, and sellers are still increasing short positions

ChainCatcher news, CryptoQuant analyst Axel posted on social media that since July 31, traders have started to actively close long positions, and a significant sell-off has occurred in the futures market over the past 24 hours: when the price dropped to a local low of $112,000, the 6-hour net buying volume fell to an extreme level of -$175 million, reflecting the strong stance of the bears.

As the market has partially stabilized, the pressure on this indicator has reduced to -$78 million, with the negative gap narrowing by 2.2 times, but the overall market imbalance still leans towards the bears. The open interest in the past 24 hours has increased to the range of $3.04 billion, with sellers continuously accumulating positions, attempting to take advantage of the bearish sentiment in the market.