Glassnode: Bitcoin up 35% from August low while open interest drops 20%
- —Bitcoin is up roughly 35% from its August low
- —BTC-denominated open interest fell about 20% over the same period
- —Open interest hit its lowest level since March
- —Glassnode: the rally is less exposed to forced liquidations
Why it matters: Lower leverage reduces the risk of cascading liquidations, making the current bitcoin rally more resilient than one driven by overheated derivatives positioning.
Source: Bloomingbit