K33 Research: Bitcoin perpetual contract open interest reaches a two-year high, short-term downside risk intensifies

ChainCatcher news, K33 research director Vetle Lunde warned in the latest report that Bitcoin's recent weak performance may continue. The sharp rise in leverage combined with a large influx of funds into Ethereum puts Bitcoin under further correction pressure.

The report shows that the nominal open interest in Bitcoin perpetual futures has surged to its highest level in two years, surpassing 310,000 BTC (approximately $34 billion). In just the past two months, an additional 41,607 BTC has been added, with a spike of 13,472 BTC over the last weekend, which may indicate an impending market turning point.

Lunde's analysis indicates that the surge in open interest, coupled with the annualized funding rate jumping from 3% to nearly 11%, reflects an overly aggressive long position during a price consolidation phase. This accumulation of leverage is similar to situations before significant market corrections in the past, and investors should remain vigilant.