According to BlockBeats, Matrixport's latest market analysis reveals a significant increase in Bitcoin's open interest, which has grown by $6 billion over the past two weeks. The annualized funding rate has soared to 19%, indicating a substantial presence of aggressive leveraged long positions in the market. Concurrently, there has been a notable rise in retail trading activity in South Korea, with cryptocurrency trading volume jumping from $1 billion to $6 billion, highlighting the dominant role of retail funds in the current market trend.
As Bitcoin's price enters a consolidation phase, these high-leverage long positions may face the risk of forced liquidation, particularly following next week's FOMC meeting, as the market is expected to enter a relatively quiet trading period in August.
Despite potential short-term volatility, several key positive factors are building momentum for the post-summer period, suggesting that the overall upward trend in the cryptocurrency market remains intact.
