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

According to BlockBeats, CryptoQuant analyst Axel posted on social media on August 2nd that traders began actively closing out long positions starting on July 31st, with a significant sell-off in the futures market over the past 24 hours. When the price hit a local low of $112,000, the six-hour net taker volume plummeted to an extreme -$175 million, reflecting a strong short position. With the market partially stabilizing, the pressure on this indicator has shrunk to -$78 million, narrowing the negative spread by 2.2 times, but the overall market imbalance remains in favor of the short side.

Open interest has increased to the $3.04 billion range over the past 24 hours, with sellers continuing to accumulate positions in an attempt to capitalize on the bearish market sentiment.