The market is so magical right now!
Yesterday, Bitcoin's open contracts amounted to 33.34 billion USD, which boils down to three key points:
First, the speculative nature of contracts is crazier than before, with open interest and coin prices tightly bound; the fluctuations depend entirely on how much leverage is piled on.
Second, stablecoins like USDe have made the market even crazier, with the total volume of contracts surpassing the previous bull market.
Third, Binance is now the main battlefield for contract players, with Bitcoin contracts at 10.2 billion in a single day and Ethereum at 5.1 billion, attracting both institutional and retail investors.
The most absurd part is that Bitcoin has been oscillating between 100,000 and 110,000 since May, leaving spot traders with no patience, while contract traders face daily liquidations, and swing traders can't even get a taste, yet the open interest remains so high? Who exactly is opening these long positions? Ethena is shorting for arbitrage; who is the one taking the loss? The whole market feels like it's playing a game of internal conflict, either institutions are doing shady operations, or quantitative funds are madly trading against each other, in any case, retail traders are definitely sending transaction fees to the exchanges! This casino is getting better at playing the game; beneath the calm surface lies a world of danger and intrigue.
The next 10x coin is about to be born. On July 30th, the day of the interest rate cut, the 10x coin code will be announced. Stay tuned!
