Analyst: Factors such as ETF fund outflows and long-term holders selling have intensified the selling pressure on Bitcoin

According to The Block, K33 Research Director Vetle Lunde stated in a new report that the open contracts of perpetual futures traders have increased by over 36,000 bitcoins, marking the largest single-week increase since 2023. Meanwhile, the funding rates are also climbing, indicating that traders are engaging in "knife-catching" behavior rather than taking defensive positions.

The rising financing rates may stem from the execution of limit orders that initially hoped for a quick price rebound and a break below the six-month low. However, the rebound did not occur, and now this leverage effect means excess funds, increasing the risk of heightened market volatility 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 over the last 30 days. Six out of the last seven ETF trading days ended with outflows, including a single-day outflow of 10,060 bitcoins on November 13, which has exacerbated the selling pressure on Bitcoin.