The Bitcoin battlefield is completely crazy! The volume of open contracts has soared to $72 billion, a record high! Both the long and short sides are killing each other at the $110,000 mark. The CME futures market has billions of dollars in chips changing hands every day. This is not speculation, it is clearly a financial war without gunpowder!

The bulls are now killing like crazy: BlackRock is buying Bitcoin ETFs crazily, and its holdings have increased from 2.6 million to 5.85 million. MicroStrategy has even bought 7,390 Bitcoins at an average price of $103,000. Institutional hoarding has almost emptied the Bitcoin on the exchange! What's more, as soon as Bitcoin broke through $110,000, it directly exploded $55 million in short positions. There are still $510 million in short orders near $101,000 that may be forced to close at any time. This "explosive rise" cycle is very similar to the 35% violent pull-up in 2021. Although technical indicators show overbought, the number of active addresses on the chain has soared by 30%, and long-term funds are still pouring in crazily.

But the bears have no intention of admitting defeat: $107,000-108,000 hides the largest short leverage in history. If the price falls back to $98,000, the liquidation of $1.9 billion in long orders may cause a stampede. The current market sentiment is very contradictory: the greed index of 70 shows that everyone is chasing the rise, but the contract long-short ratio is only 0.52, and retail investors are actually waiting and watching. What's more terrible is that the Fed's interest rate cut expectations are good for Bitcoin, but variables such as Moody's downgrade of the US rating and Hong Kong's stablecoin supervision may reverse the trend at any time.

The key to this long-short battle depends on whether institutions continue to increase their positions and whether Bitcoin can stand firm at $110,000. If BlackRock continues to buy, Bitcoin may rush to $115,000 or even $200,000; but if it falls below the $102,000 support level, technical selling will directly bring the market back to its original shape. Now the market is like sitting on the crater - institutional bulls and retail bears are arm-wrestling, and high leverage may trigger large fluctuations at any time. Do you think the bulls can hold $110,000, or will the bears fight back? Chat in the comment section! Forward this to your fellow cryptocurrency traders, follow me, and I’ll help you track the liquidation trend and institutional trends! #比特币突破11万美元