While buying pressure is growing among large Bitcoin holders, the number of whale transactions has also experienced a massive upswing. Santiment added that the amount of +$1 million daily transfers has exploded, reaching a 2-month high level.
A Continued Drop In BTC Open InterestSince November, the metric has remained broadly negative, suggesting that the drop has continued for several weeks. Although there was a brief improvement earlier this month, it was followed by a price reaction.
On Sunday, as BTC displays a steady correction, deleveraging also increased. While this is bearish in the short term, these phases simultaneously aid in cleaning the market of excessive leverage. Thus, it is critical to remember that futures are still the primary source of volume, making keeping an eye on developments there an essential move.
