Leverage Cools on Bitcoin as Miner Selling Pressure Remains Subdued

Bitcoin's recent rebound toward its May highs has drawn leverage back into the market, making derivatives increasingly important to the recovery.

As Bitcoin retested $82,000, Binance Open Interest (OI) jumped nearly 8% within 24 hours and briefly exceeded $10 billion. This indicates that the move up was being driven by leverage rather than just spot demand.

The increase in $BTC-denominated OI to 125,830 $BTC confirms traders opened fresh positions rather than merely benefiting from higher prices.

The speculative increase in Open Interest propelled Binance's overall OI dominance to 37.1%, focusing even more leverage on one exchange, which can amplify price movements via liquidations faster.