Analysis: Bitcoin Leverage Usage Not Reaching Previous Highs, Current Rally Mainly Driven by Spot Market

According to a report by Jinse Finance, although Bitcoin recently reached an all-time high, futures open interest data indicates that market sentiment is becoming cautious. The open interest of BTC futures on major trading platforms is generally 10%-15% lower than the peak in December 2024, and the leverage usage by derivatives traders has not reached previous high levels. Among them, Binance's BTC futures open interest is currently $12.5 billion, down nearly 10% from the December 2024 peak of $13.7 billion. The lack of leverage frenzy among derivatives traders compared to historical highs suggests that the current rally is mainly driven by spot trading.