Selling pressure and dumping Since July, as BTC approaches historical highs again, long-term holders have begun to reduce their holdings slightly. This week, BTC broke the historical high, and long-term holders officially started to reduce their holdings, but the amount reduced is only over 10,000 coins.

The selling scale of long and short positions has increased compared to last week, but the main selling pressure comes from short-term traders. Currently, short positions are floating at a profit of around 18%, and selling pressure is gradually increasing, but it remains limited. Buying pressure is strong, and the overall trend of the exchange still shows an outflow.

We have mentioned several times that the long-handed reduction in holdings signifies the arrival of a new round of liquidity. The expectation of interest rate cuts in September remains unchanged, and there is a very strong willingness for forward-looking trading funds to price upwards. This is also the reason why we cautiously hold an optimistic view on BTC's performance in Q3.