On November 29, the total open interest (OI) in Bitcoin futures amounted to ~$61 billion, down from a record ~$64 billion the previous week. This is evidenced by data from Coinglass.

Over the past five weeks, the metric has increased by more than half. Bitfinex stated that this does not pose a risk of an imminent market correction, describing the increase in OI as 'organic'.

In their opinion, the dynamics are based on expectations of future price growth.

'We do not consider the recent increase in leverage through futures as unusual. A retest of the $93,000 area is perceived as a normal pullback,' the specialists noted.

CEO of Bitget Gracy Chen linked the rise in OI to confidence in improving operational conditions for the blockchain industry, which will allow 'Bitcoin to thrive'. According to her, long squeezes can stabilize the market in situations of excessive leverage.

It is worth noting that after the correction, some metrics of digital gold indicate a continuation of the bull run with a target of $146,000, according to CryptoQuant.

Previously, experts described the current pullback of the first cryptocurrency as a pause before growth towards $100,000.