The total futures positions for BTC have started to show a strange decline, while the price is still oscillating within the original range, but the futures positions have decreased by $6 billion from the highest point of $64 billion, currently reaching $58 billion;

This indicates that the long positions in futures have started to take profits in bulk. The funds that have made profits in futures belong to the on-exchange funds in the cryptocurrency space, which can serve as liquidity for altcoins to rise;

This is the specific manifestation of BTC's liquidity overflow. It does not mean that external funds will enter and then buy altcoins, but rather that USD funds buy a large amount of BTC, raising the price, and then the on-exchange funds that have made profits in BTC start to flow into other cryptocurrency markets.

This has led to the rise of altcoins.

And I feel that there seems to be a feeling of drawing the tiger away from its mountain lair, as BTC cannot break through $100,000, mainly for two reasons: the vehicle is too heavy, and there is insufficient short fuel;

Currently, the accumulated short liquidity at $100,000 is sufficient, and the next step needed is to lighten the vehicle, so a general rise in altcoins can achieve this effect;

From the decreasing position volume, it is indeed evident that a considerable amount of on-exchange funds has withdrawn from BTC and entered altcoins!