CryptoQuant: The current selling pressure in the market remains strong, and price increases driven by derivatives often lack sustainability

ChainCatcher news, CryptoQuant analyst Darkfost pointed out that the current market has seen the largest increase in 24-hour open interest in recent times. Historically, upward movements driven by derivatives often lack sustainability.

During the strong bull market phases in November and December 2024, open interest increased by 16% and 15% respectively, supported by strong activity in the derivatives market that fueled positive momentum in the spot market. However, this time the price has only increased by 4.2%, whereas similar past events led to price increases of 10% and 7%. This discrepancy indicates that the selling pressure in the current market remains strong.