Gate News reports that the latest data shows that leveraged long positions in Bitcoin on a major platform have risen to approximately 79,193 BTC, reaching a new high since November 2023. This change has drawn market attention to the movements of large capital during a phase where current prices are under pressure and market sentiment is cautious.
Blockstream CEO Adam Back believes that this continuous accumulation is not a short-term speculative behavior, but rather resembles long-term capital gradually building positions during a correction phase. He noted that when Bitcoin’s price is below $69,000, buying activity demonstrates strong resilience, indicating the presence of stable accumulation power in the market.
From a strategic perspective, some institutions may adopt the Time-Weighted Average Price (TWAP) method to buy in batches rather than making a large one-time purchase. This approach helps to reduce impact costs while continuously accumulating positions in a volatile market. Data shows that the current daily average buying scale may reach hundreds of Bitcoins, with capital inflow being relatively balanced.
It is noteworthy that this round of bullish expansion is occurring during a price correction phase. Although Bitcoin’s trend is still suppressed by geopolitical risks and macro factors, the scale of leveraged long positions continues to expand, indicating that some market participants maintain an optimistic outlook on the mid- to long-term trend.
Some analysts point out that this structural change may mean that chips are shifting from short-term traders to long-term holders. Once the market experiences positive catalysts, combined with tightening supply, price fluctuations could be quickly amplified.
Currently, Bitcoin is still oscillating within a key range, with the tug-of-war between bulls and bears intensifying. The continuous accumulation of long positions is gradually bringing potential trend changes to the surface, and the subsequent trend will depend on the further evolution of the macro environment and capital flows.
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