Bitcoin Price Holds Steady as Leverage Clears Market

Bitcoin's price remains steady around $83,719 as leverage has cleared from the market, according to Bitfinex. The exchange reported that aggregated futures open interest is at its lowest since March, and implied volatility sits close to a one-year low.

In a note shared with Bitcoin.com News, Bitfinex analysts explained that the substantial reduction in borrowed money and aggressive betting has left the bitcoin market. They added that this combination of contracting open interest and diminished futures premiums has historically supported price action.

The current situation is seen as similar to past periods where elevated futures settlement ratios paired with compressed carry have preceded a median 30-day gain of 8.9 percent, according to Bitfinex analysts.