Bitcoin Tests $87K as Leverage Outpaces Spot Demand
- —BTC trades at $87,052 after opening the Oct. 2 session at $84,824
- —Bitcoin open interest rose 9.12% to $29.2 billion, with perpetuals at $28.3 billion
- —$359.27 million liquidated in 24 hours, including $274.64 million in shorts (76%)
- —Coinbase Premium has stayed negative for 26 straight days, pointing to soft U.S. demand
Why it matters: The breakout is driven mainly by a short squeeze rather than spot buying, so it may not hold without a recovery in U.S. exchange demand.
Source: Crypto News Flash