Recent insights from COINOTAG, dated May 29th, highlight that despite Bitcoin achieving a **record high**, market sentiment remains notably cautious. According to data from TheBlock, the **open interest** for Bitcoin futures contracts across leading exchanges is currently **10%-15% lower** than the **December 2024** peak. This statistic implies that **derivatives traders** are employing less leverage in their trading strategies compared to previous market highs. Specifically, Binance reports an open interest of **$12.5 billion** for Bitcoin futures, reflecting a decrease of nearly **10%** from its earlier peak of **$13.7 billion** in December 2024. This trend suggests that the ongoing price surge is predominantly fuelled by **spot trading**, as traders appear hesitant to engage in the aggressive leverage practices observed in historical rallies. Understanding these dynamics is crucial for investors navigating the evolving cryptocurrency landscape.
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