Bitcoin Surges Past $79K Despite Waning Coin-Leverage
The Bitcoin price has seen a significant surge in recent weeks, rising by about 22% from $63,500 to nearly $79,000.
This increase is notable as it occurred without a corresponding rise in coin-denominated open interest, which fell by 11% to approximately 312,600 BTC. Meanwhile, dollar-denominated open interest rose by around 8% due to the increasing value of each Bitcoin.
The rally was also supported by fresh capital entering the market and spot-led advances, which can absorb selling pressure more steadily than rallies built on borrowed positions. Regulated funds supplied another source of demand, with Bitcoin ETFs reporting $1.6 billion in net inflows from Monday through Thursday.