After setting the current ATH at $73k in March 2024, demand for long positions in the futures market continues to decline. Additionally, a second attempt to reach above $73k in May saw sentiment briefly turn positive. However, overall sentiment has remained neutral to negative since then.

The recent rally from the $54k region has been a good example of over-leveraged long positions being liquidated near local lows. The funding rate being below the neutral level of 0.01% suggests that there has been no surge in demand for new long positions since the July low was formed. $BTC