Bitcoin Futures Reflect Traders’ Bearish Sentiment
After an upward trend since April this year Bitcoin (BTC) ends August in the red. The flagship coin is experiencing selling pressure after a sharp buying surge after reaching the $120,000 level.
That pressure has intensified somewhat over the past 24 hours. BTC has fallen more than 2% to a low of $108,570, liquidating about $113 million in long positions and calling into question the critical support level.
Coinglass data
Short-term sentiment in the perpetual futures market is slightly bearish. The overall long-short ratio across major exchanges is 48,72% long and 51,28% short.
What is important to note:
- Binance shows a slight bearish bias, with 51,47% of traders holding short positions.
- On the Gate.io everything is almost perfectly balanced: 49,97% long and 50,03% short positions, which indicates uncertainty.
- bybit shows the strongest bearish bias as a clear majority of traders (52,38%) are short.
To understand the current market situation, it is important to analyze how derivatives flows have shaped recent price trends. Data from November to August shows a clear correlation.
In late 2023, multiple inflows above $60 billion helped push Bitcoin to $90,000. From February to April 2025, these flows tapered off, reflecting balanced positioning as BTC consolidated. By June, steady inflows had re-established themselves, supporting gains above $120,000. Then the current decline began.
The dynamics described confirm how strongly derivatives influence the spot price.
