According to Alphractal’s report, Bybit has seen a staggering $1.52 billion surge in open interest over the past 24 hours, marking a new record. That increase comes at a time when Bitcoin’s price has been sliding—something analysts say is far from typical.
“Open interest usually rises in sync with prices, but this time, it’s different,” the firm noted. They added that the bulk of this activity is coming from Bybit, suggesting that either aggressive shorting or speculative positioning is heating up on the platform.
Historically, this type of divergence between open interest and price has preceded sharp market moves, often leading to liquidation cascades or short squeezes. Alphractal warns that when positions build up in one direction without price support, it sets the stage for sudden volatility.
The firm’s analysis implies that traders should tread carefully, as one-sided positioning can trigger rapid reversals. Whether bulls or bears are setting the trap remains to be seen—but with leverage piling up, the next major move in Bitcoin could be explosive.
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