After bullishing since April, Bitcoin (BTC) is on track to close August in red. The flagship coin feels pressure after facing a major sales wall at $120,000 in July.
That pressure has increased over the past 24 hours. BTC fell by more than 2% to a low of $108,570, causing about $113 million in the liquidation of long positions, setting a critical level of support for testing.
Source: Coinglass
Related: Private hands aren't the only future for Bitcoin. The government currently holds 2.3% of all supply, with 2025 just the beginning
Data: Current long/short ratio
Short-term sentiment in the enduring futures market has weakened slightly. The overall length/short ratio of the top replacement is 51.28% shorter to 48.72% length.
This is the fault:
- Binance: Shows a slight bearish edge, with 51.47% of traders short.
- gate.io: 49.97% long and 50.03% short, almost perfectly balanced, indecisive of total total.
- Bybit: The strongest bearish bias is present, with the majority of 52.38% of traders holding short contracts.
How historical futures flows will drive prices
To understand the current market, it is important to examine how derivatives flows have shaped recent price trends. Data from November to August shows clear correlations.
In the second half of 2023, multiple inflow spikes, over $60 billion, promoted Bitcoin rally to $90,000. From February to April 2025, the flow narrowed, reflecting the integrated, balanced positioning of BTC. By June, a consistent influx had returned, supporting a surge of over $120,000 before the current hideout began. This history shows how much influence derivatives have on spot prices.
Can Bitcoin retain 108.3K support?
Bitcoin fell on Thursday, dropping from 1.14% to $108,551 in 24 hours after reaching $109,640 early in the session. The market capitalization was $2.16 trillion, and the fully diluted valuation was $2.27 trillion.
Related: Vanguard sells existing Bitcoin futures after blocking spot ETFs
Trading activity has increased, with 24-hour volume increasing by 14.36% to $74.333 billion, with market-to-market cap ratios reaching 3.44%.
Source: CoinMarketCap
Supply metrics have not been changed, with 19.91 million BTC being distributed starting from 21 million. Less than 1.1 million coins that have not yet been mined have strengthened their rarity as a long-term structural factor.
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