Bitcoin Near $80,000 As Leveraged Bets Remain High

Leverage traders continue to bet on a bitcoin rebound despite weak spot purchases. This divergence could amplify a new drop below 80000 dollars, as many long positions would then be exposed to forced liquidations. The perpetual futures market shows that bullish bets remain significant. According to Glassnode’s weekly report published on October 19, payments made by long positions increased by 49.4%, from $1.1 million to $1.6 million. These fees, called funding rates, help keep perpetual contract prices close to the real bitcoin price. When buyers pay sellers, it generally signals stronger demand for positions betting on an increase. However, several data show that this optimism rests on a fragile structure : Open interest on futures only fell by 0.3%, compared to $36.5 billion a week earlier.

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