News

According to ChainCatcher, despite bitcoin experiencing a price pullback of up to 36% since reaching its all-time high, bitcoin's implied volatility has remained at a relatively controllable level. This change reflects that as bitcoin gradually becomes institutionalized, its risk transmission mechanism is being reshaped. In its early stages, bitcoin's value was mainly driven by speculative traders who sought to profit from its frequent and significant price fluctuations. The derivatives market as a whole reflects a reversal in bearish sentiment. According to Coinglass data, demand for long positions in bitcoin perpetual contracts—a highly leveraged trading market commonly used by crypto traders—is currently rising, while the scale of open interest remains at a relatively moderate level. The funding rate for related contracts has turned positive, indicating that after dipping into negative territory earlier this week, bullish bets have once again become dominant. Deribit data shows that call options with a strike price of $100,000 have the highest open interest. In the previous week, the market was mainly focused on downside protection around $80,000 and $85,000. Spencer Hallarn, head of OTC trading at GSR, stated: "In the past few weeks, speculative long positions have significantly decreased, as evidenced by the decline in perpetual contract open interest and funding rates. This has also prepared the crypto market for the next round of upward movement."