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According to BlockBeats, 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 low of $112,000, the six-hour net order volume fell to an extreme level of -$175 million, indicating strong bearish sentiment. As the market partially stabilized, this pressure reduced to -$78 million, narrowing the negative gap by 2.2 times, though the overall market imbalance remains skewed towards the bears.In the last 24 hours, the open interest has increased to the $3.04 billion range, with sellers continuing to accumulate positions, attempting to capitalize on the bearish market sentiment.