Bitcoin price chases after $35K as BTC derivatives data signals fresh inflow

) price action is the talk of the town this week and based on the current sentiment expressed by market participants on social media, one could almost assume that the long-awaited bull market has started.

The evidence suggests that Bitcoin shorts were taken by surprise on Oct. 22 but they were not employing excessive leverage.During the rally, BTC futures open interest increased from $13.1 billion to $14 billion. This differs from August 17, when Bitcoin's price dropped by 9.2% in just 36 hours. That sudden movement caused $416 million in long liquidations, despite the lower percentage-size price move. At the time, Bitcoin's futures open interest decreased from $12 billion to $11.

The most significant issue with the short squeeze theory is the increase in BTC futures open interest. This indicates that even if there were relevant liquidations, the demand for new leveraged positions outpaced the forced closures.as collateral for margin on Venus Protocol, a decentralized finance application after being forced to sell Bitcoin to"shore up" the price of BNB token.

Of course, one will never be able to confirm or dismiss speculations such as the Venus-BNB manipulation or the"gamma squeeze" in Bitcoin derivatives. Both theories make sense, but it is impossible to assert the entities involved or the rationale behind the timing.

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| Bitcoin on the Rise, Briefly Breaking $35KNoelle Acheson is the former head of research at CoinDesk and Genesis Trading. This article is excerpted from her Crypto Is Macro Now newsletter, which focuses on the overlap between the shifting crypto and macro landscapes. These opinions are hers, and nothing she writes should be taken as investment advice.
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