market
Bitcoin rises to $77,700 while futures open interest drops to two-month low
Bitcoin's price has surged to approximately $77,700, up 24% over the past week, while futures open interest has fallen to a two-month low, indicating a shift in market dynamics.
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SOLBitcoin remains around $77,700, representing a 24% increase from last week. Despite the price rally, futures open interest has decreased from 762,000 BTC to 715,000 BTC, the lowest level in two months. Similar declines are observed in Ethereum, Solana, and XRP. This divergence suggests that the recent price increase is driven by the closing of short positions and genuine demand, rather than new leveraged trading. The average annual funding rate of about 10% further indicates moderate market euphoria without excessive leverage.
The market shows signs of a price rally driven by position closures rather than new leveraged demand, indicating a potential shift in trader sentiment.