📉 Summary of Futures Market Movements in the Last 24 Hours
• Market Sentiment:
▸ A strong bearish sentiment is prevailing in the market.
▸ Traders have been continuously closing long positions since July 31.
• Extreme Sell-off:
▸ When the price of BTC dropped to a low of 112,000 USD, within 6 hours, the net order volume withdrew up to -175 million USD.
▸ This is a sign of very strong sell-off pressure from liquidated positions (longs being "liquidated").
• Slight Recovery After Sell-off:
▸ After the market temporarily stabilized, the selling pressure narrowed down to -78 million USD.
▸ However, the balance still leans towards the sellers (shorts still in control).
• Open Interest:
▸ Increased to about 3.04 billion USD – indicating new capital is still flowing into the futures market.
▸ Retail investors are taking advantage of the price drop to open more short positions, expecting further price declines.
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📊 Implications for the Market:
• The Futures Market is in a tense phase, with liquidation pressure from the longs while the shorts are increasing their control.
• Despite a slight recovery, the imbalance leaning towards the sellers suggests a high possibility of continued BTC price adjustments.
• Investors need to be cautious, avoid FOMO, and monitor technical support levels (such as the 110K zone).
