Analyst: Bitcoin's open net position turns negative, bearish pressure hits a monthly high


CryptoQuant analyst Axel wrote that the net open interest (OI Net Position) of Bitcoin futures has plummeted into deep negative territory, breaking through the $100 million mark, reaching the highest bearish pressure level since early July. Despite facing bearish pressure, the price of Bitcoin is still holding around $115,000, indicating that some buyers are absorbing selling pressure. Axel stated that such extreme negative open interest divergence may trigger a short squeeze during a price rebound, but with open contracts maintaining the current high-pressure range, there is still further downside risk in the price.