Leverage Demand, Not Leverage Itself, Down in Bitcoin

As prices began testing the $40,000 level at the end of July, funding rates began to tick up, and the market for perpetual swaps and futures grew. On Aug. 22, the combined open interest in bitcoin futures on BitMEX, Binance, Bybit, OKEx and Huobi broke above $10.4 billion, more than 50% higher than it was 90 days before, just after the May crash. Over the same period, the bitcoin spot price rose by about 30%.

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