Analysis: Bitcoin leverage usage has not reached the previous high level, and this round of gains is mainly driven by spot prices
2025-05-29 01:10:03
Despite Bitcoin's recent record highs, the futures unpositioned squaring contract data indicates that market sentiment is becoming more cautious. BTC futures unpositioned squaring contracts on mainstream trading platforms are generally 10% -15% lower than the peak in December 2024, and the leverage usage of derivatives traders has not reached the previous high level. Among them, Binance BTC futures unpositioned squaring contracts are currently at $12.50 billion, down nearly 10% from the peak in December 2024 13.70 billion dollars. The leverage mania of derivatives traders when they did not reproduce the all-time high shows that this round of gains is mainly driven by spot.
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