Crypto market cap reclaims $3T as surging leverage raises volatility warning
- —Market cap has recovered more than $740 billion since the US Treasury announced expanded long-bond buybacks
- —Bitcoin peaked at $87,381, its highest since January, before easing to about $85,100
- —Perpetual futures open interest rose to roughly $160 billion, the highest since late October
- —Some $920 million in shorts were liquidated on Monday, while spot BTC ETFs drew $593 million over two days
Why it matters: Open interest is growing faster than spot demand, so even a modest pullback could trigger a cascade of long liquidations.
Source: Bloomingbit