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Analysis: Bitcoin rebounds but spot trading volume rapidly shrinks, and derivative long squeeze risk is accumulating.

MeNews
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ME News Report, July 6 (UTC+8), crypto analyst Murphy pointed out that during Bitcoin's rebound from $58,000 to nearly $64,000, spot relative volume has declined rapidly. A rebound lacking support from spot demand is insufficient to form the basis for a trend reversal and often represents only a sentiment recovery rally; attention should be paid to the sustainability of the rebound. On the positive side, the USDC/USDT exchange rate has fallen from 1.001 to 1.0006, indicating that the intent to exit is weakening and trading intent is recovering. Although mainstream stablecoins on trading platforms are still in net outflow, the outflow rate continues to narrow, and the marginal improvement in liquidity pressure supports the continuation of the rebound. However, the weakening of spot momentum means that derivatives weight increases relatively. The 7-day moving average of perpetual contract long premium has risen to $160k per hour, indicating that Taker buying continues to push perpetual prices above spot. Although open interest has decreased, it remains significantly higher than the level in February this year. The current long premium is within a normal range, but as the rebound continues, the risk of long squeeze will accumulate. Once open interest rebounds again, intense long-short battles will cause volatility to be faster and sharper, which is a hidden risk to be aware of in advance. (Source: ChainCatcher)
BTC1.62%
USDC-0.03%
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