Network-wide Data Analysis: Bulls Are Still Being Continuously Liquidated, Bearish Trend Remains Unchanged

1. Liquidation Data: Bulls Dominating Liquidations

- Total liquidations over the past 24 hours amount to $9.5673 million, with long positions accounting for $6.2901 million, over 65%; within 1 hour, long liquidations are $86,400, far exceeding short liquidations of $7,363, indicating that during price declines, a large number of high-leverage longs are forcibly closed, which is a direct manifestation of “bull trap.”

- Liquidation details show that longs are mainly liquidated in the $85-$87 range, closely matching the whale long liquidation price (around $84.49), confirming that whale longs are being gradually absorbed.

2. Contract Positions: Total Open Interest Continues to Decline

- The open interest on various exchanges has decreased significantly over 24 hours (Gate Perpetual -10.82%, Bi**ce Perpetual -4.95%), indicating active deleveraging in the market, especially with long positions being reduced.

- Historical trends show that open interest declines in tandem with price drops, which is a typical bear market characteristic rather than a bottoming signal.

3. Large Order Transactions: Intense Battle Between Bulls and Bears, Bears Slightly Favorable

- Over the past 24 hours, large order transactions totaled $330 million, with $173 million short and $157 million long, slightly favoring the bears. #当前行情抄底还是观望？ #Gate广场发帖领五万美金红包

- Within 1 hour, large buy orders amount to $6.4575 million, and large sell orders are $5.2292 million, providing short-term support for a rebound but insufficient to change the medium-term trend. $BTC