Glassnode said on Sept. 29 that Bitcoin is moving higher with lower leverage in the market. According to the firm, BTC has climbed 35% from its August low, while coin-denominated open interest has dropped by nearly 20% over the same period. That combination has pushed open interest down to its lowest level since March. Glassnode said the setup could make the current rally less vulnerable to disruptions caused by leveraged liquidations. The update points to a rise in price that is not being matched by an increase in speculative positioning, at least based on coin-denominated futures open interest. The comment was cited by BlockBeats in a market analysis brief.
On Sept. 29, Glassnode said Bitcoin is rising with lower leverage in the market, according to BlockBeats.
The firm said BTC has gained 35% from its August low, while coin-denominated open interest has fallen by nearly 20%.
Glassnode said that has left open interest at its lowest level since March, which could make the current advance less exposed to shocks from leveraged liquidations.
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