Analyst: Bitcoin Net Open Interest Turns Negative, Bearish Pressure Hits Monthly High

According to a report by Jinse Finance, CryptoQuant analyst Axel stated that Bitcoin futures net open interest (OI Net Position) has plummeted into deeply negative territory, falling below the $100 million mark and reaching the highest level of bearish pressure since early July. Despite the bearish pressure in the market, Bitcoin's price has remained around $115,000, indicating that some buying interest is absorbing the selling pressure. Axel noted that such an extreme negative position divergence could trigger a short squeeze during a price rebound. However, as long as open interest remains in this high-pressure range, there is still a risk of further price declines.