"Bankruptcy Risk in Bitcoin is Increasing: Investors are Cautious"

Recently observed declines in the price of Bitcoin (BTC) have not diminished investor interest. Investors are cautiously waiting in a position with high leverage. Binance data reveals that the total open position amount in the market is approximately $10.78 billion. This high level indicates that investors have not closed their positions despite the price pullbacks.

Looking at trading volumes, buyers have taken $5.16 billion worth of long positions, while sellers have taken $5.68 billion worth of short positions. Although selling pressure is currently effective in the market, this situation shows that the market is experiencing a balanced trend rather than a panic sell-off. The long/short ratio remains around 0.91, suggesting a slight bearish expectation in the market, but it indicates that we have not yet entered an oversold region.

Furthermore, the ratio of open positions to trading volume remains at a critical level of 0.99. This data reveals that the market is operating with disproportionate borrowing compared to genuine trading activity, making it sensitive to sudden price fluctuations. Although there has not yet been a mass exodus, it is possible that intensified selling imbalance and reduced liquidity could trigger sharp liquidation operations in the markets.

The current conditions indicate that investors are taking a strategic and cautious stance. Especially, the fact that the amount of open positions has not decreased despite the price decline from $96,000 levels means that significant movements could occur in the event of a disruption to market liquidity balance. It is crucial for investors to closely monitor market dynamics during this process to minimize potential risks.