Bitcoin is currently fluctuating around $73k. I’ve noticed that recent open interest has been steadily increasing, indicating that leverage traders in the market are growing. In this kind of sideways market, it seems everyone is adding leverage to bet on movement, and the risk is indeed accumulating.

From on-chain data, the growth rate of leveraged positions is quite noticeable, especially during this consolidation phase. Once the direction is confirmed, these leveraged orders could trigger a chain reaction. So at this point, it’s important to watch out for the risk of leverage liquidations.