Bitcoin Up 35% From August Low Even as Open Interest Falls 20% to Lowest Since March

Forecast Trend Report by Period

Bitcoin has risen 35% from its August low, even as leverage in the derivatives market has declined.

Glassnode, an on-chain analytics firm, wrote on X on September 29 that Bitcoin is climbing with less leverage than before.

According to Glassnode, Bitcoin's price has gained about 35% from its August low, while open interest measured in BTC has fallen about 20% over the same period.

As a result, Bitcoin open interest has dropped to its lowest level since March. That suggests derivatives leverage did not surge alongside the price rally.

Glassnode said the current uptrend may be less vulnerable than before to sharp price corrections triggered by large-scale liquidations of leveraged positions.