IntoTheBlock: Recent price increases have been driven by spot trading volumes
The ratio of open interest to market capitalization (OI/MC) for BTCUSDT">Bitcoin perpetual contracts is still close to its annual low. This indicates that the recent price increase is driven by spot trading volume and suggests that there is more organic demand rather than leverage-driven effects from derivatives.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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