Bitcoin’s recent climb to $112,000 has revealed distinctive market behavior, diverging from historical patterns as open interest rose alongside price appreciation according to analytics firm Glassnode.
The surge contrasts with earlier rallies where open interest typically contracted near price peaks. The parallel expansion suggests shifting market mechanics, indicating that volatile movements may be increasingly fueled by short-term liquidation pressures.
The observed trend points toward transient price action influenced by derivatives market activity rather than sustained organic growth momentum.