09.08.2025 03:42

Bitcoin's derivatives market is currently under pressure, experiencing a significant decline in funding rates. This downturn reflects a widespread unwinding of leveraged long positions, signifying a shift towards greater market caution among traders. Adding to this uncertainty is speculation surrounding Bhutan's potential liquidation of a portion of its substantial Bitcoin holdings, valued at approximately $1.2 billion.

The recent transfer of $59 million worth of Bitcoin from Bhutan's reserves has fueled concerns about a larger-scale sovereign sell-off, further impacting market sentiment. This situation creates a double whammy of negative pressure on the already stressed derivatives market, exacerbating existing anxieties among investors. Currently trading near $116,500, Bitcoin shows signs of a potential short-term price decline, fueled by these developments.

The market's apprehension stems from the confluence of these factors. The unwinding of leveraged long positions suggests a loss of confidence, while the possibility of a substantial Bitcoin sale by Bhutan introduces a significant element of uncertainty into the equation. This combination of bearish signals has created a volatile environment for Bitcoin, raising questions about its near-term trajectory. Information from internet sources indicates that analysts are closely monitoring the situation for further developments, awaiting clarity on Bhutan's intentions.