$BNB

#ProjectCrypto Traders are closing long positions amid a market sell-off, reports the analyst

According to BlockBeats data, CryptoQuant analyst Axel reported on social media that traders have been actively closing long positions since July 31. Over the past 24 hours, the futures market has experienced a significant wave of selling. When prices dropped to a local minimum of $112,000, the net order volume over six hours fell to an extreme level of -$175 million, indicating a strong bearish sentiment. As the market partially stabilized, this pressure decreased to -$78 million, reducing the negative gap by 2.2 times, although the overall imbalance in the market remains skewed towards bears.

In the last 24 hours, open interest increased to $3.04 billion, with sellers continuing to accumulate positions in an attempt to take advantage of the bearish sentiment in the market.