
Liquidations expected as Bitcoin open interest, leverage ratio spike higher
Bitcoin leverage, open interest, and funding rate metrics point to a significantly hot and overleveraged derivatives market.
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A September bloodbath is a recurring theme both in crypto and in tradfi, but it has historically been followed by a positive Q4. But, with midterms approaching and macro uncertainty increasing, historical patterns could be broken.

The Poolin Bitcoin mining pool sees a sharp drop in hash rate and block rewards following a freeze on withdrawals due to liquidity problems.

Prior to Feb. 2021, GBTC was trading at a premium of up to 20%. As of Sept. 30, the share price has slipped into the discount area with its current price of $12,508 (priced with a -36.2% discount).

While the spikes we've seen in Bitcoin trading volume might not signify that mass adoption is near, they show that it's beginning to act as a safe haven asset.

Bitcoin whales are holding the asset between the $10,000 to $17,000 range. These whales could sell if the price were to drop to around $17,000.

Short-term Bitcoin holders are now, on average, underwater and losing faith.