During this morning's Bitcoin surge, contract open interest increased by $2 billion.
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ChainCatcher reported that CryptoQuant analyst @Darkfost_Coc stated that during bitcoin's surge, the total open interest in contracts across the network increased by $2 billion. According to @Darkfost_Coc, when this situation occurs, price volatility usually lasts for a very short time. Leveraged positions are often temporary, which typically hinders the market from establishing a healthy bottom, thus being unfavorable for a sustainable bull market reversal.
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