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

BlockBeats News, August 2nd, CryptoQuant analyst Axel posted on social media stating that since July 31st, traders have started actively closing long positions. In the past 24 hours, a significant sell-off has occurred in the futures market: when the price dropped to a local low of $112,000, the 6-hour net outflow reached an extreme level of -$175 million, reflecting the strong bearish posture. As the market has partially stabilized, the pressure on this indicator has decreased to -$78 million, narrowing the negative difference by 2.2 times, but the overall market imbalance still leans towards the bears.

In the past 24 hours, the open interest has increased to the $30.4 billion range, with sellers continuing to accumulate positions, trying to take advantage of the market's bearish sentiment.