On-chain positioning data cited by BlockBeats points to a split picture in the Bitcoin derivatives market. Since Aug. 23, BTC long positions have stayed relatively stable, while the market has moved in a neutral range after the price rise. At the same time, BTC short positions have kept declining since Aug. 17, suggesting that some bearish capital is still leaving the market rather than adding fresh downside bets.
The report said bulls have not yet made a clear new push to increase exposure, leaving the next directional signal tied to whether the short-covering trend continues. It also referenced an earlier analyst framework for a broader Bitcoin upswing, which required three conditions: a bullish turn by Hyperliquid whales, completion of BTC long building by Bitfinex whales, and the disappearance of negative kimchi premium and negative Coinbase premium readings.
According to the update, two of those three conditions have now been met. Bitfinex whales have completed BTC long positioning, and both the negative kimchi premium and negative Coinbase premium have disappeared. The market is now watching whether Hyperliquid whales shift bullish, a move the analysis said could act as a catalyst for a new round of gains in Bitcoin.
BlockBeats reported on Aug. 26 that on-chain data shows BTC long positions have remained at a relatively stable level since Aug. 23, while the broader market has traded in a neutral range after the price moved higher.
At the same time, BTC short positions have continued to decline since Aug. 17, indicating that part of the capital on the short side is still leaving the market.
The analysis said bulls have not yet shown a clear new round of position building, and that the next move will depend on whether the short-reduction trend continues.
Two of three previously cited conditions have been met
An earlier analyst view said Bitcoin would need three conditions for a full upward trend to begin: Hyperliquid whales turning bullish, Bitfinex whales completing BTC long position building, and the disappearance of negative kimchi premium and negative Coinbase premium readings.
At present, Bitfinex whales have completed BTC long building, and the negative kimchi premium and negative Coinbase premium have both disappeared. That means two of the three conditions have been satisfied.
The next key point for the market is whether Hyperliquid whales turn bullish. If that signal appears, the analysis said it could become a catalyst for a new round of upside in Bitcoin.
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