#BTC市值创新高  Bitcoin Short Positions Are Increasing: Fear Is Dominating the Market

Bitcoin recently broke through the $111,000 level to reach a new all-time high. However, data across major cryptocurrency exchanges suggests that traders are becoming increasingly cautious about a sustained rally.

Over 53% of Bitcoin positions are currently short, meaning the majority of traders are expecting a price drop. In contrast, only 47.43% of active positions are long.

Despite Bitcoin’s Latest Record, Most Traders Are Bearish

This pattern is similarly seen on a crypto exchange, with shorts accounting for 54.05% of open interest, while longs remain at 45.95%.

This increasing shorting trend reflects the growing skepticism in the market despite Bitcoin reaching new highs.

This shift in sentiment in the market is being reinforced by the fact that notable crypto whale James Wynn has reversed his bullish stance after suffering a multi-million dollar loss.

Wynn previously held a 40x leveraged long position worth around $1.25 billion, but closed out the position when the price of Bitcoin fell from $109,000 to around $107,107.

The trader closed out his long position in less than an hour on May 25, losing $13.39 million.

Since then, he has opened a short position of 3,523 BTC, worth about $377 million, at an entry price of $107,128. The new trade carries a liquidation threshold of around $118,380.

Market analysts suggested that Wynn’s return was a sign of broader fatigue in the current bull cycle.

Short-term holders (STHs) have begun to distribute their coins. Historically, a decline in the supply of STH has typically signaled that Bitcoin is approaching a local top.

The firm noted that the Short-Term Holder Realized Price is currently $94,500, which was the last strong support before the losses began.

In contrast, long-term holders (LTHs) are holding firm, with their realized price rising to $33,000—highlighting a widening behavioral gap.

Bitcoin has previously seen record highs in 2021 under similar conditions. Caution is warranted as the current cycle is nearing exhaustion.

Several macro indicators and historical halving trends point to a possible correction after October 2025.