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Market Experiences Sharp Rise in 24-Hour Open Interest, Analyst Warns of Lingering Selling Pressure

As reported by PANews, CryptoQuant analyst Darkfost has pointed out a notable spike in 24-hour open interest, marking one of the most significant increases in recent memory. Historically, such spikes driven by derivatives activity tend to be unsustainable. During the bullish runs of November and December 2024, open interest rose by 16% and 15%, respectively, backed by strong momentum in both the derivatives and spot markets. In contrast, the current uptick in price is just 4.2%, compared to previous surges of 10% and 7%. This suggests that selling pressure continues to weigh heavily on the market.