Bitcoin’s latest 22% rally has an interesting detail behind it: leverage did not rise with the price.
Santiment reports that Bitcoin-denominated open interest fell 11%, from about 353,500 $BTC to 312,600 BTC, reaching a one-month low as BTC climbed from around $63,500 to $77,700.
This gives the move a different structure from a heavily leveraged rally. Traders reduced their BTC exposure in futures while the asset continued higher, with short covering and renewed spot demand also supporting the move.
U.S. spot Bitcoin ETFs recorded strong inflows during the rally, adding another layer of demand to the market.
#What is your Bitcoin Price Prediction?# #BTC Price Analysis#
Santiment reports that Bitcoin-denominated open interest fell 11%, from about 353,500 $BTC to 312,600 BTC, reaching a one-month low as BTC climbed from around $63,500 to $77,700.
This gives the move a different structure from a heavily leveraged rally. Traders reduced their BTC exposure in futures while the asset continued higher, with short covering and renewed spot demand also supporting the move.
U.S. spot Bitcoin ETFs recorded strong inflows during the rally, adding another layer of demand to the market.
#What is your Bitcoin Price Prediction?# #BTC Price Analysis#
