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BTC futures open interest has fallen to 587,584 BTC, the lowest level in the past five months, CoinDesk reported, citing Glassnode data.
The figure dropped sharply from 645,760 BTC on Aug. 14, local time. CoinDesk said recent BTC gains from $62,000 to $80,000 were driven more by short liquidations than by fresh leveraged long positions. At the same time, annualized funding rates for perpetual futures have remained stable below 10%. CoinDesk assessed that limited leverage overheating and a growing share of cash-margined futures point to a more stable market structure than in the past and support the sustainability of the price uptrend.