ChainCatcher Message, CryptoQuant analyst Axel posted on social media that since July 31, traders have started actively closing long positions, and there has been a significant sell-off in the futures market over the past 24 hours: when the price dropped to a local low of $112,000, the net eating orders over 6 hours fell to an extreme level of -$175 million, reflecting the strong posture of shorts.

As the market partially stabilizes, the pressure on this indicator has reduced to -$78 million, with the negative differential narrowing by 2.2 times, but the overall market imbalance still leans towards shorts. The open contract volume has increased to a range of $3.04 billion over the past 24 hours, with sellers continuously accumulating positions in an attempt to take advantage of the bearish market sentiment.