After a bullish run since April, Bitcoin (BTC) is on track to close August in the red. The flagship coin is feeling the pressure after facing a major sell wall at $120,000 in July, a move that was driven by a significant drop in on-chain demand from whales.
Over the past 24 hours, that pressure has intensified. BTC dropped over 2% to a low of $108,570, triggering roughly $113 million in liquidations of long positions and putting a critical support level to the test.
Related: Bitcoin’s Future Isn’t Just in Private Hands — Governments Now Hold 2.3% of All Supply, and 2025 Is Just the Beginning
The Data: Current Long/Short Ratios
The short-term sentiment in the perpetual futures market is leaning slightly bearish. The overall long/short ratio across the top exchanges sits at 48.72% long to 51.28% short.
Here’s the breakdown:
- Binance: Shows a slight bearish edge, with 51.47% of traders short.
- Gate.io: Is almost perfectly balanced at 49.97% long to 50.03% short, signaling total indecision.
- Bybit: Has the strongest bearish bias, with a clear majority of 52.38% of traders holding short contracts.
How Historical Futures Flows Drive Price
To understand the current market, it’s crucial to look at how derivatives flows have shaped recent price trends. Data from November to August shows a clear correlation:
In late 2023, multiple inflow spikes above $60 billion fueled Bitcoin’s rally toward $90,000. From February to April 2025, flows narrowed, reflecting balanced positioning as BTC consolidated. By June, consistent inflows returned, supporting the surge above $120,000 before the current retreat began. This history shows just how much influence derivatives have on spot price.
Can Bitcoin Hold the $108.3k Support?
Bitcoin traded lower on Thursday, dropping 1.14% over 24 hours to $108,551, after reaching $109,640 earlier in the session. Market capitalization stood at $2.16 trillion, with a fully diluted valuation of $2.27 trillion.
Related: Vanguard Delists Existing Bitcoin Futures After Blocking Spot ETFs
Trading activity increased, with 24-hour volume rising 14.36% to $74.33 billion, giving a volume-to-market cap ratio of 3.44%.
Supply metrics remained unchanged, with 19.91 million BTC in circulation out of a capped 21 million. Less than 1.1 million coins are yet to be mined, reinforcing scarcity as a long-term structural factor.
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