Is the Bitcoin 100K market a result of a long-short game, mainly reflected in the following aspects:
Large Holder Layout
According to statistics on major orders, spot large holders are bullish, with large holders on platforms like Coinbase, Binance, and OKX betting heavily around $100,000. The sell orders are substantial, but there are also some short sellers waiting for opportunities, looking for chances in price fluctuations, and once signs of market reversal appear, they will increase their selling pressure.
Main Force Sentiment
The ratio of long to short positions on OKX BTC remains below 1.0, touching a new low of 0.49 at one point, indicating that the sentiment of the main force leans towards bullish. However, there are still some bearish forces in the market who believe that the Bitcoin price is already too high, with a bubble that could burst at any moment.
On-Chain Data
Investors holding 100 to 1000 BTC have been active recently, and super whales are also actively increasing their Bitcoin holdings. However, some long-term holders may choose to take profits at high prices, which could bring selling pressure to the market and affect the price trend of Bitcoin.
Capital Inflow
On one hand, MicroStrategy continues to increase its Bitcoin holdings, and the capital scale of spot Bitcoin ETFs is also expanding, with market capital demand growing in tandem; on the other hand, when the market shows any signs of turbulence, funds may also quickly flow out of the Bitcoin market, leading to significant price fluctuations.
Market Sentiment
The Greed and Fear Index has soared to 94, reaching its highest level since mid-February 2021, indicating that the market is now in an extremely greedy phase. The emotional fluctuations of investors will affect their buying and selling decisions, further intensifying the long-short game in the market.
