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K33: ETF capital outflows, long-term holders selling, and other factors intensify Bitcoin selling pressure.
According to CoinWorld news, Vetle Lunde, the head of research at K33, stated in a new report that the open contracts of perpetual futures traders have increased by over 36,000 Bitcoins, marking the largest weekly increase since April 2023. Meanwhile, the funding rate is also climbing, indicating that traders are taking a “knife-catching” approach rather than defensive positions. The continuously rising interest rates may stem from the execution of open orders that were originally hoping for a rapid rebound in prices and a break below the six-month low. However, the rebound has not occurred, and now this leverage effect means excess funds, increasing the risk of intensified market fluctuations due to liquidations. Additionally, Bitcoin ETFs have also faced a wave of selling, with related products losing 20,150 Bitcoins in the past week and nearly 40,000 Bitcoins in the last 30 days. Six out of the past seven trading days for ETFs ended with capital outflows, including a single-day outflow of 10,060 Bitcoins on November 13. These factors have exacerbated the selling pressure on Bitcoin.