{"id":452890,"date":"2024-11-14T02:00:21","date_gmt":"2024-11-14T02:00:21","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=452890"},"modified":"2024-11-13T23:09:26","modified_gmt":"2024-11-13T23:09:26","slug":"bitcoin-spot-buying-outpacing-futures-despite-leverage-hitting-ath","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-spot-buying-outpacing-futures-despite-leverage-hitting-ath\/","title":{"rendered":"Bitcoin spot buying outpacing futures despite leverage hitting ATH"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) perpetual contracts denominated in <a href=\"https:\/\/cryptoslate.com\/companies\/tether\/\">Tether<\/a> USD (<a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">USDT<\/a>) show signs of overleveraging, with \u201copen interest to USDT reserve ratio\u201d reaching an all-time high at 0.593 on Nov. 10, according to CryptoQuant data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span style=\"color: #333333;\">The firm's CEO, Ki Young Ju,\u00a0<\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/1856658433446973890\" target=\"_blank\" rel=\"noopener\">said<\/a><span style=\"color: #333333;\"> the current levels are 2.7x higher than in February when the ratio crossed the dangerous zone for the first time in 2024.<\/span>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, he <\/span><strong><a href=\"https:\/\/x.com\/ki_young_ju\/status\/1856658968866939195\">said<\/a><\/strong><span style=\"font-weight: 400;\"> it is unclear how high Bitcoin will go, but there will be a painful pullback once the leverage unwinds. However, he added that he remains bullish on BTC in the long term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin <\/span><strong><a href=\"https:\/\/br.tradingview.com\/chart\/oSpIfPbp\/?symbol=INDEX%3ABTCUSD\">registered<\/a><\/strong><span style=\"font-weight: 400;\"> a new all-time high of $93,523.65 in the few hours following <a href=\"https:\/\/cryptoslate.com\/companies\/cryptoquant\/\">CryptoQuant\u2019s<\/a> CEO post. The movement was quickly followed by a 5% correction, with BTC's price currently trading around $88,701.71.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The results of the potential unwinding were not manifested in the correction, as the liquidations volume is still 5% down in the past 24 hours, totaling nearly $872 million,<\/span> <strong><a href=\"https:\/\/www.coinglass.com\/\">according<\/a><\/strong><span style=\"font-weight: 400;\"> to Coinglass.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Healthy metrics<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Other on-chain metrics remain healthy despite the risk of unwinding leverage pressuring BTC\u2019s price down. CryptoQuant analyst Martuun<\/span> <strong><a href=\"https:\/\/x.com\/JA_Maartun\/status\/1856774007946903741\">pointed out<\/a><\/strong><span style=\"font-weight: 400;\"> that retail investor demand reached a 52-month high in the past 30 days. He added:<\/span><\/p>\n<blockquote><p><strong>&#8220;It\u2019s impossible to ignore that retail trading is fully back, with Dogecoin surging, high funding rates, and a spike in Google searches for Bitcoin.&#8221;<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Furthermore, according to a Glassnode<\/span> <strong><a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-46-2024\/\">report<\/a><\/strong><span style=\"font-weight: 400;\">, the recent Bitcoin price spikes are predominantly driven by spot buyers on Coinbase\u2019s market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The daily Cumulative Volume Delta (CVD) for Bitcoin's spot market on <a href=\"https:\/\/cryptoslate.com\/companies\/coinbase\/\">Coinbase<\/a> reached $143 million, nearing the $152 million peak seen in March.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This movement in the US market reflects a steady rise in buyer-side pressure, reinforcing the robust demand from investors who view Bitcoin as an increasingly valuable asset.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since July, each Bitcoin rally has seen strong buy-side interest on Coinbase, signaling solid spot market demand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This demand trend also extends to spot ETFs, with US assets under management in Bitcoin spot ETFs surging by $8.8 billion over the past 30 days, surpassing the $6.9 billion increase in CME futures open interest.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The preference for spot-driven ETFs reflects a broader shift in investor sentiment toward direct exposure over futures-based speculation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While perpetual futures also saw a recent premium peak of $1.59 million per hour on Nov. 12, it remains below March levels, indicating that spot buying, not leverage, is the primary driver of Bitcoin's current rally.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) perpetual contracts denominated in Tether USD (USDT) show signs of overleveraging, with \u201copen interest to USDT reserve ratio\u201d reaching an all-time high at 0.593 on Nov. 10, according to CryptoQuant data. The firm&#8217;s CEO, Ki Young Ju,\u00a0said the current levels are 2.7x higher than in February when the ratio crossed the dangerous zone [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":452839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin spot buying outpacing futures despite leverage hitting ATH<\/title>\n<meta name=\"description\" content=\"A Glassnode report reveals that BTC spikes are driven by spot volume, but leveraging is heating up and presenting risks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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