Analysis: Recently, Bitcoin long positions have remained stable, while short positions have continued to decrease.

BlockBeats News, August 26th. According to on-chain data, since August 23rd, the BTC long positions have remained at a relatively stable level, and the market has shown a neutral trend after the price increase.

Meanwhile, since August 17th, BTC short positions have been steadily decreasing, indicating that some short funds are still exiting the market. Analysts believe that the current long positions in the market have not significantly increased further, and the future trend will still depend on whether the short covering trend continues.

Previously, analysts stated that three conditions need to be met for Bitcoin to start a full-fledged bull market: Hyperliquid whales shifting to long positions, Bitfinex whales establishing long positions in BTC, and the disappearance of the Kimchi premium and Coinbase premium.

Currently, the Bitfinex whales have completed their BTC long position establishment, the negative Kimchi premium and negative Coinbase premium have also disappeared, satisfying two out of the three conditions. The next focus of the market will be whether the Hyperliquid whales can shift to long positions; once this signal appears, it could serve as a catalyst for Bitcoin to initiate a new uptrend.