$924 Million Inflow into Bitcoin ETFs, Long Positions Increasing in Derivatives Market

A total net inflow of $924.48 million was recorded into spot Bitcoin ETFs in the U.S. Meanwhile, the concentration of long positions in the Bitcoin derivatives market has drawn attention. The amount of open Bitcoin positions decreased from 331,100 BTC on August 21 to 318,600 BTC on August 31, marking a decline of approximately 3.8%. In the last 24 hours, the amount of open positions decreased by 2,850 BTC. The current funding rate stands at 0.00906%, with an eight-hour average of 0.00821% and a 24-hour average of 0.00725%. The eight-hour funding average being approximately 13% above the 24-hour average indicates a concentration of long positions in the short term. Analyst Axel Adler Jr. noted that while the Bitcoin market is not yet overheated, it has become more sensitive to downward price movements. An increase in long positions and rising funding rates could heighten the risk of a long squeeze if Bitcoin prices fall. Simon Gerovich, CEO of Metaplanet, emphasized that Bitcoin should be viewed as a long-term asset.

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