Analysis: The leverage utilization rate of Bitcoin has not reached the previous high level, and this round of rise is mainly driven by spot prices

BlockBeats news, on May 29th, according to TheBlock, although Bitcoin has recently hit a historic high, data on open futures contracts indicates that market sentiment is becoming cautious. The open contracts of BTC futures on mainstream trading platforms are generally 10% -15% lower than the peak in December 2024, and the leverage utilization rate of derivative traders has not reached the previous high level. The current open interest of Binance BTC futures is $12.5 billion, a decrease of nearly 10% from the peak of $13.7 billion in December 2024. The leverage frenzy of derivative traders that did not return to historical highs indicates that this round of gains is mainly driven by spot prices.