This week, the data on open contracts for $BTC and $ETH shows that the open contract data for both has started to gradually increase, but it is still at a low level, which means that the influx of funds has only just begun.

From historical experience, when prices fluctuate at high levels while open interest continues to rise, it often indicates that new long and short battles are accumulating energy. If prices rise simultaneously and open interest grows moderately, it represents that new funds are building positions in line with the trend. However, if prices consolidate or even pull back while open interest surges, it may indicate a reverse layout or a short test.

The current structure is closer to the former, with prices gradually rising, moderate leverage accumulation, and net fund inflow not yet saturated. This is usually a healthy early stage of leverage expansion, indicating that the market is still in a sustainable phase rather than at the end of speculative overheating.

In simpler terms, the current level of open interest is equivalent to the starting point of liquidity re-accumulation. If the prices of BTC and ETH can maintain a stable upward trend, while the leverage ratio in the derivatives market does not excessively inflate, there is hope for a new trend driven by spot trading and boosted by leverage.

This article is sponsored by #Bitget ｜ @Bitget_zh

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