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Bitcoin is constantly breaking records, but now is behind the scenes. While its price is quiet, another character panicks: $ 96 billion in the interest of open derivative products. This data, as fascinating as they worry, raise a simple but key question: is the effect of the lever in the process of propagating bitcoins … or the preparation of its fall?
In short
- The open interest in bitcoin derivatives is $ 96 billion, a sign of intensive speculation.
- The lever effect supports bulls, but significantly increases the risk of disposal.
- It seems that large players in silence accumulate, against a tense and unpredictable market.
A colossal open interest that wakes up market flames
Bitcoin flirts with its historical peaks again, and this time the fuel comes not only from cash or freshly launched ETF. No, the actual engine is elsewhere: $ 96 billion interests open to Bitcoin -related derivatives.
This dizzying figure reflects the growing taste of investors for lever contracts. The surface seems to be an irreconcilable bull signal. But at depths it hides a much more disturbing complexity.
Since the explosion of Spot ETF in January 2024, the leverage took almost a structural dimension on the Bitcoins market. The capitalization, which is now carried out in the lever, reaches 10.2 %, which is one of the most extreme levels since 2018.
This phenomenon is not trivial: because the price of BTC develops between $ 100,000 and $ 110,000, each market movement is reinforced with a growing lever and creates an explosive environment because it is fascinating.
Those who remember the crash of 2021 know the choir: euphoria, exaggeration, liquidation. History could be well repeated. Cascade disposal remain a tangible risk. The spark is enough to make the castle of the cards collapse.
Lever effect: Catalyst or chaos manufacturer?
The effect of the lever on the crypt markets acts as a double blade. On the one hand, it increases yields and speeds up breaks up. In May 2025, Binance recorded a monthly record of $ 1.7 billion in the term volume. Speculative madness, as she rarely observed. However, this level of extreme engagement is accompanied by an equally exceptional fragility.
When the edges are too tense, the side movements of bitcoins become, like those that have been observed for more than a month over $ 100,000.
Short and long positions are neutralized, but only one brutal deviation in one or the other direction is sufficient to cause an avalanche of liquidation. This could drive Bitcoins beyond $ 111,800 … or send them to free Fall and take over the traders too exposed to him.
However, the structural change calms down this tension slightly: the domination of stablecoins in the marginal warranty. From the collapse of FTX, traders prefer guarantees in stable active ingredients than volatile cryptocurrencies. This development contributes to the smoothness of brutal volatility. But let’s take a clear take: this alleviates without canceling, a systemic risk associated with a massive lever.
Bitcoin whales are watching in calm waters
In this high -strength environment, another phenomenon deserves attention: the behavior of large actors. While retail traders are disturbed within close range, strong hands are observing.
It seems that these institutions and funds with the information advantage are discreetly accumulating. The long ratio/shorts remains balanced, but the increase in short positions in this price area suggests that the market could be mature for the brutal “shortage of shorts”.
As always, the derived markets do not count declared intentions, but real positions. And the latter shows that Bitcoin has entered the extreme phase of tension: the uncertain balance between the ascending euphoria and the threat of rapid disintegration.
In the end, 96 billion open interests are neither a simple bull signal nor an isolated mines. Both are at the same time. Bitcoin dances with a gap, carried by a lever that, if skillfully used, can open the way to new heights. But if he turns against him, the will could be violent, fast and spectacular.
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Evariste, fascinated by Bitcoin since 2017, has not stopped documenting on this topic. If his first interest focused on trading, he now tries to actively understand all cryptocurrency progress. As an editor, he tries to permanently provide high quality work that reflects the condition of the sector as a whole.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.