K33: Bitcoin leverage flush could pave the way for a rally
- —Bitcoin futures open interest fell by about 49,000 BTC
- —CME open interest dropped 16,075 BTC in a day, the third-largest on record
- —15.79% of positions were rolled to the next expiry, the highest since June 2023
- —The annualized basis on October contracts fell to 5.1%
Why it matters: Lower leverage reduces the risk of cascading liquidations and may ease selling pressure on Bitcoin.
Source: Coinkolik