BTC futures buying weakens, raising near-term downside pressure

CryptoQuant contributor Darkfost said buying momentum in the BTC futures market is weakening. Darkfost said the 30-day average net taker volume recently plunged to $97.8 billion from $213.7 billion, while the taker buy/sell ratio, which had risen to 1.21 on Aug. 19, shifted to seller dominance starting Aug. 30. The analyst added optimism seen when BTC broke above $65,000 has faded and short positions are increasing, indicating market conditions appear to be deteriorating in the near term.