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CoinVoice has learned that CryptoQuant analyst Axel stated that the net open interest (OI Net Position) of Bitcoin futures has experienced a big dump, falling into the deep negative territory, dropping below the 100 million USD mark, and reaching the highest bearish pressure level since early July.
Despite the bearish pressure in the market, the price of Bitcoin remains around $115,000, indicating that some buying interest is absorbing the selling pressure. Axel stated that such an extreme negative open interest divergence could trigger a short squeeze during the price rebound process, but with the current high-pressure range maintained by the open contracts, there is still a risk of further downside in the price.