Glassnode: Bitcoin Open Positions Rise to 260,000 to 280,000 BTC Range, Indicating Increased Speculative Demand

Blockchain analytics firm Glassnode disclosed data showing that open interest in 2024 bitcoin perpetual futures has largely fluctuated between 220,000 and 240,000 BTC, a value that typically falls rapidly during deleveraging events and rises during more speculative periods, but has recently risen to a range of between 260,000 and 280,000 BTC, suggesting that since early June Speculative demand has increased, with Coin, Bybit and OKX accounting for about 84 percent of the market share. This followed a meaningful deleveraging event when the BTC price fell to the $53,000 area, with many long-biased traders being liquidated near the lows, but the subsequent rebound price recovery has also been very strong, returning the majority of short-term holders to unrealized profits, which has provided much-needed financial relief from the net-positive capital inflows of recent weeks.