According to CoinMeta, analysts point out that Bitcoin is facing new risk signals, and there could be another wave of long liquidations. First and foremost, it is important to pay attention to the open interest contracts. In US dollar terms, the open interest has increased, but in Bitcoin terms, it has actually decreased. A similar situation occurred in 2022, one month before the FTX collapse, when many leveraged positions were opened. In 2026, open interest also surged, indicating a significant increase in leveraged positions when Bitcoin's trading price was between $60,000 and $70,000. The recent decrease in open interest contracts denominated in Bitcoin is closely related to shorts; many short positions were liquidated, while others were forced to close due to a sharp rise in prices. Currently, the gap between longs and shorts is very large, with about 342,000 Bitcoins in long positions and 233,000 Bitcoins in short positions. Historically, such large-scale imbalances have usually led to a sharp decline in prices. While this does not necessarily mean that Bitcoin will fall, the data indicates that risk factors are increasing, and so is the probability of liquidation events.