As Bitcoin (BTC) rose to $86,000, hitting an 8-month high, new leverage is rapidly flowing into the futures market after a large-scale liquidation of short positions, according to CoinDesk. The media reported that as BTC broke through $82,000, which had acted as a resistance level since August, approximately $750 million worth of short positions were forcibly liquidated, and the increase in open interest (OI) was steeper than the rise in BTC's price. After breaking the resistance level, new leverage positions increased by about $2 billion. In this regard, Nikolai Sandergaard, a senior analyst at Nansen, said, "Although the price of BTC has risen rapidly, investors' positions have not yet fully turned bullish. For this uptrend to continue, we need to confirm whether spot and ETF fund inflows are sustained." He explained that if only leverage increases rapidly without being supported by spot demand, the gains could be reversed due to rising bond yields or geopolitical shocks. He suggested $87,000 and $90,000 as the next key price levels.
