Crypto: Top Bitcoin Traders Refuse To Turn Bullish Despite Btc’s 14%...

Bitcoin’s double-digit rebound and brief trading above $72,000 may confirm $60,000 was the bottom, but data shows top traders are refusing to open longs.

The Bitcoin long-to-short indicator at Binance hit a 30-day low, signaling a sharp decline in bullish leverage demand.

US-listed Bitcoin exchange-traded funds reversed a negative trend with $516 million in net inflows following a period of heavy liquidations.

Bitcoin (BTC) has fluctuated within a tight 8% range over the last four days, consolidating near $69,000 after an abrupt slide to $60,130 on Friday. Traders are currently grappling with the primary catalysts for this correction, particularly as the S&P 500 holds near record highs and gold prices have climbed 20% over a two-month period.

The uncertainty following the 52% retreat from Bitcoin’s $126,220 all-time high in October 2025 has likely prompted an ultra-skeptical stance among top traders, stoking concerns of further price declines.

Whales and market makers on Binance have steadily pared back bullish exposure since Wednesday. This shift is reflected in the long-to-short ratio, which dropped to 1.20 from 1.93. This reading represents a 30-day low for the exchange, suggesting that demand for leveraged long positions in margin and futures markets has cooled, even with BTC hitting 15-month lows.

Meanwhile, the long-to-short ratio for top traders at OKX hit 1.7 on Tuesday, a sharp reversal from its 4.3 peak on Thursday. This transition aligns with a $1 billion liquidation event in leveraged bullish BTC futures, where market participants were forced to close positions due to inadequate margin. Importantly, this specific data point reflects forced exits rather than a deliberate directional bet on further downside.

Demand for spot Bitcoin exchange-traded funds (ETFs) serves as strong evidence that whales haven’t flipped bearish, despite recent price weakness.

Since Friday, US-listed Bitcoin ETFs have attracted $516 million in net inflows, reversing a trend from the previous three trading days. Consequently, the conditions that triggered the $2.2 billion in net outflows between Jan. 27 and Feb. 5 appear to have faded. A leading theory for that pressure pointed to an Asian fund that collapsed after leveraging ETF options positions via cheap Japanese yen funding.

Franklin Bi, a general partner at Pantera Capital, argued that a non-crypto-native trading firm is the most likely culprit. He noted that a broader cross-asset margin unwind coincided wit

Source: CoinTelegraph