On November 29, the total open interest (OI) in bitcoin futures reached approximately $61 billion, down from a record ~$64 billion the previous week. This is according to data from Coinglass.
Over five weeks, the metric has grown by more than half. Bitfinex stated that this does not pose an imminent risk of market correction, describing the increase in OI as “organic.”
They attribute the trend to expectations of future price increases.
“We do not consider the recent increase in leverage through futures to be unusual. The retesting of the $93,000 area by the price is seen as a normal pullback,” the experts noted.
Bitget CEO Gracy Chen linked the rise in OI to confidence in an improving operational environment for the blockchain industry, which will allow “bitcoin to thrive.” According to her, long squeezes can stabilize the market in situations of excessive leverage.
Following the correction, some metrics of digital gold indicate a continuation of the bull run with a target of $146,000, according to CryptoQuant.
Earlier, experts described the current pullback in the price of the first cryptocurrency as a pause before a rise to $100,000.