Glassnode said on X that Bitcoin is rising with less leverage in the system. Since its August low, BTC has climbed 35%, while open interest measured in BTC has dropped by nearly 20% over the same period. The firm said that metric is now at its lowest level since March. In Glassnode’s view, the current advance may be less exposed to forced liquidations tied to leveraged positioning. The update points to a market structure in which price has moved higher even as derivatives exposure, at least on a BTC-denominated basis, has eased rather than expanded.
Glassnode said on X that Bitcoin (BTC) is moving higher with lower leverage.
Since the August low, BTC has gained 35%. Over the same period, open interest (OI) measured in BTC has fallen by nearly 20% and now sits at its lowest level since March.
Glassnode said that could mean the current rally is less vulnerable to disruption from leverage-driven liquidations.
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