BTC approaches $86,000, but institutions remain indifferent, and long positions hit new highs—are contrarian indicators appearing again?

【Crypto World】Bitcoin price hovers around $86,000, which seems a bit awkward. U.S. employment data looks positive, and theoretically should boost risk assets, but the market’s reaction is—yawning. This situation actually signals one thing: the market lacks stamina.

Fundamentals tell a clearer story. In the past two days, the net outflow from the U.S. spot Bitcoin ETF exceeded $584 million, nearly doubling last week’s net inflow. Institutional investors’ enthusiasm has clearly cooled down, and this is no small matter.

Here’s the interesting part: a major exchange’s BTC/USD long positions hit a new high since February. What does this signal usually indicate in history? It’s time for a reverse operation. Large-scale long positions built by big funds often mark the top of the price, followed by a decline.

On the charts, mainstream altcoins are also weakening, and the overall market index is sliding down. This isn’t an issue with individual coins; the entire market is cooling off.