Glassnode: The number of Bitcoin open contracts has recently risen to the range of 260,000 to 280,000 BTC, indicating an increase in speculative demand

ChainCatcher news, according to the Glassnode analysis report, the open interest of Bitcoin perpetual futures in 2024 fluctuates between 220,000 to 240,000 BTC. This figure typically declines rapidly during deleveraging events and rises during more speculative periods. However, recently the open interest has risen to the range of 260,000 to 280,000 BTC, indicating an increase in speculative demand since early June, with Binance, Bybit, and OKX accounting for about 84% of the market share.

Previously, when the BTC price dropped to the $53,000 region, it led to a significant deleveraging event, with many long-biased traders being liquidated near the lows. However, the subsequent rebound in price was also very strong, allowing most short-term holders to return to an unrealized profit state, providing much-needed financial relief for the net positive capital inflow in recent weeks.