Strong bear position | OKX BTC contract long short account drops sharply from high to low, then oscillates at low levels, and panic continues to be released

As of around 11:40 on February 5, 2026, the long short account ratio (number of long accounts/number of short accounts) of BTC contracts on the OKX platform sharply fell from the morning high of 3.05+to around 2.77, and continued to fluctuate at a low level in the 2.77-2.85 range in the afternoon. The curve showed a near vertical decline around 11:15 (rapidly dropping from 3.05+to 2.77), followed by a slight rebound but with extremely weak momentum, unable to effectively stabilize above 2.85. Although the number of accounts holding long positions still exceeded those holding short positions, the bullish sentiment of individual investors has rapidly shifted from extreme fanaticism to panic and wait-and-see, severely damaging the bullish dominant pattern. Mainstream interpretation: The current BTC price has plummeted to around $71000, and long short accounts have dropped sharply from a high of 3.0+to a low of 2.77, indicating that a large number of retail long positions have concentrated on liquidation, stop loss or panic exit in a crash style decline, and their emotions have directly turned from overheating to extreme pessimism. As a classic indicator of reverse sentiment, the ratio experiences a sharp drop at a high level followed by sustained fluctuations at a low level, usually corresponding to a peak of panic selling, and short-term selling pressure remains heavy. Combined with the huge price drop and the chain effect of leverage liquidation, there is still a risk of further downward exploration in the short term. The current recommendation is to be highly cautious, prioritize wait-and-see or light position with a short position, and do not recommend any long chasing behavior. Summary in one sentence: Long short accounts fell sharply from the high to 2.77 and then fluctuated at a low level, with panic still being released and short-term bearish adjustments being the main focus. At present, it is recommended to adopt a wait-and-see attitude or take a light position with a short position, and wait for clear signals to stop the decline before considering layout. Register OKX now and receive a permanent 20% refund Company Registered Address https://jump.do/zh-Hans/xlink?checkProxy=true&proxyId=2 Risk statement The content of this article represents the author's personal views only and does not represent the position of this platform. The views, conclusions, and recommendations in the article are for investors' reference only and do not constitute any investment advice related to this platform. The market is risky, and investment needs to be cautious.