Glassnode: Bitcoin Futures Open Interest Spikes as Pullback Tests Longs — Key Support & Buyer Signals to Watch

On October 7, data shared by Glassnode indicated that as Bitcoin breached its prior high, market participants expanded their long positions, driving a notable rise in BTC futures open interest across major derivatives venues.

The ensuing short-term pullback is testing the resilience of those leveraged longs, a development that appears to be contributing to a controlled market leverage reset as participants adjust exposure amid consolidating price action.

Going forward, attention should focus on two measurable signals: the timing and price at which renewed buyer strength emerges, and whether defined key support levels can reliably re-establish market demand, informing prudent risk management and positioning.