Bitcoin's market positioning remains bullish despite a recent wave of liquidations, according to analyst Axel Adler Jr. The "Bitcoin futures long liquidation dominance" metric hit 97%, with the 30-day moving average rising to 31.4%, indicating that most forced liquidations are from long positions. This suggests systemic pressure on buyers, although such extreme values often precede short-term stabilization. Despite the sharp price drop, Bitcoin's funding rate remains positive at 43.2% annualized, down from over 100% in late 2025, but still showing strong demand for long positions. The market's reluctance to turn the funding rate negative suggests that deleveraging is incomplete, with the overall position structure still favoring bullishness.