Bitcoin’s long-to-short indicator at Binance hit a 30-day low, signaling a sharp decline in bullish leverage demand. US-listed Bitcoin ETFs reversed a negative trend with $516 million in net inflows after a period of heavy liquidations. Bitcoin has moved within an 8% range over four days, consolidating near $69,000 following a slide to $60,130 on Friday.
Traders weigh catalysts such as the S&P 500 hovering near record highs and gold’s 20% advance over two months. The 52% retreat from Bitcoin’s October 2025 all-time high has likely prompted an ultra-skeptical stance among top traders, fueling concerns of further downside. Whales and market makers on Binance have steadily reduced bullish exposure since Wednesday, with the long-to-short ratio dropping to 1.20 from 1.93, a 30-day low. OKX’s top-traders’ ratio slid to 1.7 from 4.3, a shift aligned with a $1 billion liquidation event that forced exits rather than signaling a directional bet.
Demand for spot Bitcoin ETFs remains a key signal that whales haven’t flipped bearish despite price weakness. Since Friday, US-listed Bitcoin ETFs attracted $516 million in net inflows, reversing the prior three trading days and suggesting fading pressure from earlier outflows. A leading theory points to an Asian fund that collapsed after leveraging ETF options positions via cheap yen funding, though official data has yet to validate this claim. Franklin Bi, a general partner at Pantera Capital, argued that a non-crypto-native trading firm is the most likely culprit.
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