Glassnode: Traders added long positions after bitcoin broke previous highs; the current pullback helps to flush out leverage

ChainCatcher reported that Glassnode published data on social media indicating that as Bitcoin broke through its previous high, traders increased their long positions, leading to a sharp rise in BTC futures open interest.

The current pullback is testing the resilience of these long positions and is helping to reset market leverage. Going forward, two signals should be closely monitored: when and where buying power steps in, and whether key support levels can reignite market demand.