Bitcoin futures liquidation dominance oscillator indicates that long position liquidations reached 97% yesterday. According to Odaily, the 30-day moving average has risen to 31.4%, suggesting that nearly all forced liquidations in the market are from long positions, with buyers facing systemic pressure over the past month. Despite price declines and consecutive liquidations, the perpetual contract funding rate for Bitcoin remains positive, with an annualized rate of 43.2% yesterday. Although this figure is below the peak of over 100% seen from October to November, it still demonstrates a strong demand for long positions in the market. The maintenance of a positive funding rate amid large-scale liquidations increases the risk of further deleveraging, indicating that long positions are recovering quickly or have not been fully liquidated. Currently, the funding rate has not shifted to a neutral or negative zone, reflecting that the derivatives market has not completed a thorough liquidation.

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