Bitcoin has experienced a sharp decline, dropping from $107,000 to $85,000 in just 11 days, as the market continues its downward trend. In the past 24 hours, the total liquidation amount reached $1.87 billion, with long positions accounting for 87% of this figure. Over the past week, cumulative liquidations have ranged between $5 billion and $7 billion, with Bitcoin making up 40-60% of these liquidations. Despite the recent downturn, open interest (OI) data reveals that long positions still dominate. For instance, on Binance, the long-to-short account ratio stands at 2.67:1, with top traders showing an even higher ratio of 3.38:1. However, trading volume has shifted towards short positions, now leading at 52%, indicating that institutional funds are beginning to short Bitcoin. Additionally, most exchanges maintain a positive funding rate, meaning longs continue to pay shorts.