Open interest has risen to 773,000 BTC, one of the highest readings on record, while funding rates remain elevated despite weak spot demand and growing market fear. Bitcoin fell below $70,000 even as open interest climbed to 773,000 BTC and funding rates rose to 10% annualized, indicating leveraged traders are betting on a rebound, rather than reducing risk. The Coinbase Premium Index remains deeply negative near -100, highlighting a disconnect between leveraged bullish positioning and weak spo…
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