Bitcoin Price Pushes Toward $80K While Net Leverage Moves Lower
Key Insights:
- Bitcoin price (BTC) surged about 22% from $63,500 to nearly $79,000.
- Coin-based open interest fell 11% to approximately 312,600 BTC.
- Bitcoin ETF inflows and short liquidations supported the rally.
The Bitcoin price has jumped about 22% from the mid-$63,000s to nearly $79,000 since mid-August. The advance then slowed near the upper edge of Bitcoin’s long trading range. Yet derivatives data shows traders did not chase the move with more coin-denominated leverage.
Instead, open interest measured in Bitcoin fell while the market value of those positions increased. Fresh demand for Bitcoin ETFs also added to spot buying during the rebound.
Meanwhile, forced short closures accelerated the steepest section of the move. Those combined forces give the rally a different structure from a typical leverage-driven surge. That mix places the focus firmly on sustainability.
Bitcoin Price Advances While Coin Open Interest Falls
Santiment said coin-denominated open interest dropped 11% to about 312,600 BTC, its lowest level in one month. The decline occurred while the BTC price climbed from roughly $63,500 to around $77,700.
