Analyst: Traders have been actively closing their long positions since July 31, while sellers are currently increasing their short positions.

BlockBeats News, August 2nd, CryptoQuant analyst Axel posted on social media that since July 31st, traders have started actively closing long positions. In the past 24 hours, the futures market has seen a significant sell-off: when the price dropped to a local low of $112,000, the net inflow volume over 6 hours plummeted to an extreme level of -$175 million, reflecting the dominance of the bears. As the market stabilized to some extent, the pressure of this indicator has reduced to -$78 million, narrowing the negative gap by 2.2 times, but the overall market imbalance is still skewed towards the bears.

In the past 24 hours, the volume of open interest has increased to the $3.04 billion range, with sellers continuing to accumulate positions, attempting to take advantage of the bearish sentiment in the market.