Cryptocurrency analytics firm MarktQuant has observed a significant shift in Bitcoin's market structure following a recent liquidation event. The report highlights a divergence between futures and spot trading behavior. Open interest has declined, indicating a decrease in leveraged positions and a withdrawal of speculative capital from the derivatives market. Spot trading behavior, on the other hand, suggests strong underlying demand, with genuine buyers absorbing sell-side pressure. Futures trading, however, continues to weaken, indicating weak demand in the derivatives market. MarktQuant suggests that a consolidation phase may be imminent, but if spot demand remains resilient and open interest stabilizes, a foundation for a future move higher could be established.



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