The data of BTC and ETH contracts that have not been balanced this week shows that the data of contracts that have not been balanced has gradually increased, but it is still at a low level. This also means that the entry of funds is only the beginning. From historical experience, when prices fluctuate at high levels while the open interest continues to rise, it often indicates that a new long short game is accumulating energy. If the price rises synchronously and the open interest volume increases moderately, it means that new funds are building positions in line with the trend. However, if the price is sideways or even rebounds and the open interest volume increases significantly, it may be a reverse layout or short trial. The current structure is closer to the former, with prices gradually rising, moderate accumulation of leverage, and net inflow of funds not yet saturated. This is usually a healthy early stage of leverage expansion, which also means that the market is still in a sustainable stage, rather than speculative overheating at the end. To put it simply, the current level of open interest is equivalent to the starting point of liquidity reaccumulation. If the prices of BTC and ETH can maintain a stable upward trend in the future, and the leverage ratio of the derivatives market does not excessively expand, it is expected to form a new trend market driven by spot and leveraged. This article is sponsored by Bitget | @ Bitgetzh