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Analyst: Traders have been actively closing long orders since July 31, and sellers are still increasing short order positions.
BlockBeats news, on August 2, CryptoQuant analyst Axel stated on social media that since July 31, traders have started actively closing long positions, and a significant selling wave has occurred in the futures market over the past 24 hours: when the price fell to a local low of $112,000, the 6-hour net taker volume dropped to an extreme level of -$175 million, reflecting a strong posture from short positions. As the market partially stabilized, this indicator's pressure has reduced to -$78 million, with the negative differential narrowing by 2.2 times, but the overall market imbalance still leans towards short positions. The open contract volume in the past 24 hours increased to the range of $3.04 billion, with sellers continuously accumulating positions in an attempt to capitalize on the bearish market sentiment.