Professional Bitcoin traders recently reduced their bullish bets
To understand whether whale sentiment has been affected by the rejection of the $72,000 price resistance, one must analyze the data from the BTC futures markets. The ratio of long and short positions of professional traders consolidates positions through futures contracts in the spot, perpetual and monthly markets.
A higher ratio favors long positions (buy), while the opposite indicates that professional traders are favoring short contracts (sell).
On Binance, the current ratio of long to short positions stands at 1.35, a less optimistic stance compared to a week earlier on May 31, when the indicator stood at 1.58, favoring long positions. Similarly, OKX professional traders are now less bullish compared to May 31, as the ratio of long to short positions fell to 1.22 from 1.79. On average, the indicator fell to its lowest level in more than two weeks, which is somewhat worrying, but in absolute terms, it still favors bullish bets.
However, other indicators, such as the stablecoin premium in China, show a modest increase in demand from retail traders. Excessive retail flow typically causes the stablecoin premium to soar above 1.5%, while in bear markets they trade at a discount.
The USDC premium in China has remained at levels just above the 1% neutral threshold, completely ignoring the BTC price correction on June 7. From one perspective, bulls can take comfort in knowing that neither whales nor retail traders are panic selling. This data supports the idea that the long-to-short ratio of top Bitcoin traders could eventually improve as support at $69,000 demonstrates its strength.
