That shift would strengthen holder conviction and provide firmer support for Bitcoin’s recovery. Bitcoin long exposure hits a record highWith short-term holders nearing breakeven, Bitcoin’s recovery now faces pressure from an increasingly crowded derivatives market. With 361K BTC worth $23.4 billion now positioned long, weaker momentum could trigger faster deleveraging and make Bitcoin’s recovery more volatile. Record long exposure meets weaker spot demandWith long exposure already elevated, Bitcoin’s recovery increasingly depends on whether spot demand can support leverage. Without Spot recovery, Futures demand may test $67,000.