Bitcoin is still in the consolidation phase of the cycle, stabilizing around $57,000. Notably, the Bitfinex Whale has significantly increased its long margin position, currently holding 58,595 BTC, marking an increase of 10,000 BTC since June 13, when the price of Bitcoin was at a low of $66,000 at 48,455 BTC. This long margin holding was last seen on March 1, when Bitcoin was climbing to an all-time high and the whale strategically dumped BTC during the peak. At the same time, since the correction began on June 7, the sell short share has increased slightly. As of July 8, the sell short share margin was around 423 BTC, compared to 250 BTC on June 7. The small increase in sell short share indicates that the market sentiment is cautious, and traders are still considering shorting Bitcoin during this correction phase. Overall, the increase in long positions of the Bitfinex giant whale indicates optimism about a potential rebound, while the small increase in sell short share margin indicates that some traders are preparing for further downward pressure.