According to ChainCatcher news, K33 Research director Vetle Lunde warned in a recent report that Bitcoin's recent weak performance may persist, with a sharp increase in leverage combined with significant capital flowing into Ethereum, putting Bitcoin under further downward pressure.
The report shows that the nominal open interest in Bitcoin perpetual futures has risen to its highest level in two years, surpassing 310,000 BTC (approximately $34 billion). In just the past two months, an additional 41,607 BTC has been added, and over the last weekend alone, there was a surge of 13,472 BTC, which may indicate an impending market turning point.
Lunde's analysis indicates that the surge in open interest, coupled with the annualized funding rate jumping from 3% to nearly 11%, reflects an overly aggressive long position during the price consolidation phase. This leverage accumulation pattern resembles situations before significant market corrections in history, and investors should remain vigilant.
