Binance's BTC perpetual contract open interest hits a 1-month high, while the long/short ratio reaches a 1-month low. This suggests increased trading activity, but with more traders taking short positions relative to long positions. Simultaneously, JPMorgan notes that Bitcoin mining firms with HPC businesses are underperforming BTC for the third consecutive month.
Considering the increase in short positions and the underperformance of mining firms, BTC's price may experience a downward correction in the short term.
