Bitcoin Open Interest hits a two-month low
Despite Bitcoin rising by more than 22% over the recent period, Bitcoin-denominated Open Interest fell by about 11%, indicating a decline in leverage and a retreat in speculative positions.
🔑 Notably, this rally appears to be driven more by spot demand and short position covering, not by excessive leverage buildup.
Falling leverage during a rise can be a healthy sign for the market.
$BTC
#BitcoinOpenInterestFallsToTwoMonthLow
Despite Bitcoin rising by more than 22% over the recent period, Bitcoin-denominated Open Interest fell by about 11%, indicating a decline in leverage and a retreat in speculative positions.
🔑 Notably, this rally appears to be driven more by spot demand and short position covering, not by excessive leverage buildup.
Falling leverage during a rise can be a healthy sign for the market.
$BTC
#BitcoinOpenInterestFallsToTwoMonthLow