📈 Bitcoin: Price Sideways, Funding And OI Stable Despite Strong Fluctuations In October

October was expected to be a breakout period for Bitcoin as the price continuously reached new historical highs, but shortly after, a deep correction of up to 20% occurred. However, if we look at on-chain and derivative data, the actual picture is much calmer.
First of all, the price of BTC has been moving sideways for most of October. Market sentiment is neither too enthusiastic nor panicked, like a large beast lying in wait for the next opportunity.
The funding rate also maintains a neutral state, fluctuating around the average of the past 2-3 months. This indicates that the Long and Short sides are still balanced, with no signs of excessive FOMO or panic selling.
The most notable point lies in the Open Interest (OI). Although it is still lower than during the period when BTC traded at similar price levels in August and September, OI has returned to July's levels. This is significant: leverage in the market has decreased considerably.
This is a positive signal. The market with less leverage will have:
• Less risk of "margin call" causing extreme volatility
• A stronger foundation to support the next sustainable uptrend.
• New capital can flow in more strongly without taking on additional debt.