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Bitcoin Above $52K as Market Expects More Volatility
Bitcoin's market is over-leveraged now as the cryptocurrency continues its run higher.
작성자 Muyao Shen
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Bitcoin returned above $52,000 since markets opened in the U.S. on Thursday. As it moves between $51,000 and $52,000, traders are preparing for more volatility in the near term.
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“Markets look relatively bullish for the medium run,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, told CoinDesk. “A number of technical indicators at the shorter time frames say that things are going to temporarily top out before heading back up.”
Yet, Darius Sit, co-founder and managing director of Singapore-based QCP Capital, warned that while corporate buyers and speculators have pushed bitcoin’s price to multiple all-time highs this week, the market is also currently over-leveraged and can thus expect short-term volatility.
Data from blockchain analytics firm Glassnode shows that the average level of the “funding rate” across major exchanges offering bitcoin perpetuals (futures with no expiry) has risen sharply to 0.125%, a level that has not seen since February 2020.
“Given how expensive it is to keep leverage long now, it would possibly see some unwinding of leverage,” Sit said.
Read more: Ether Looks Overleveraged as Cryptocurrency Hits New High Over $1,900
The funding rate of perpetuals is calculated every eight hours and represents the cost of holding long positions. When perpetuals trade at a premium to spot price, the funding rate is positive, meaning longs pay shorts. Thus a high level of funding rate is considered a sign of leverage being excessively skewed to the bullish side – markets are overbought – and often adds volatility to the market.
A similar situation has taken place on ether’s market, after the second largest cryptocurrency by market capitalization traded as high as $1,928.06 during Asian trading hours.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
알아야 할 것:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
알아야 할 것:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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