According to CoinMeta, the current long positions in Bitcoin have reached a record high, exceeding 361,000 BTC, which is approximately $23.4 billion. This represents a significant long-side imbalance compared to the short positions of 264,000 BTC (about $17.14 billion). Such a strong long-side imbalance is common during bull markets but can also occur during sideways price movements, indicating the potential for major liquidation events. Currently, about 57.62% of the positions are long, and 42.38% are short, with similar ratios across most exchanges. Historically, short positions have rarely exceeded long positions, and this usually occurs after significant long liquidation events. Although the current long imbalance is not as extreme as some situations in 2025, it is still sufficient to pose a resistance to price increases. Ideally, the author would like to see a deeper deleveraging process followed by a stronger concentration of short positions.