As of $BTC , most of the high-leverage bulls for BTC have been "washed" out. As long as there are no sudden negative news (such as particularly poor non-farm data or employment rates), BTC is unlikely to continue to plummet solely due to the imbalance in the futures market.

After this wave of decline, the entire market's futures open interest has noticeably decreased compared to the previous peak. The BTC price has now fallen below the lower edge of the previous fluctuation range, indicating that the position is already relatively low, but currently, the futures long positions in the market are actually a bit more than they were at that time.