1) Bitcoin: Estimated Leverage Ratio - All Exchanges

After surpassing the key support range of 49,000 ~ 53,000 USDT in late September, Bitcoin has shifted into an upward trend. This trend persists even as the leverage ratio remains at an all-time high, indicating that investors continue to hold aggressive positions. If Bitcoin reaches a new high or encounters significant profit-taking, unpredictable technical movements could follow, so caution is advised.

2) Bitcoin: Realized Price - UTXO Age Bands

The average cost basis for holders with a 1-3 month UTXO age band is 63,767 USDT, suggesting that short-term holders have purchased at relatively high price levels. Maintaining a support level above 66,000USDT will be essential for sustaining the current momentum, as a dip below this threshold could lead to increased selling pressure from these investors.

3) Bitcoin: Open Interest - All Exchanges, All Symbols

Open interest has reached a record 20 billion USDT, indicating that after the recent correction, Bitcoin found strong support at higher price levels, leading investors to re-establish their positions. This heightened level of open interest reflects significant market engagement and potential for increased volatility.

4) Bitcoin: Stablecoin Supply Ratio (SSR)

The SSR index has recently rebounded, reflecting strengthened buying interest. This uptick in SSR indicates that stablecoins are being deployed for Bitcoin purchases, suggesting not only a resurgence of buying momentum but also a potential shift in the market trend.

[Comment]

With Bitcoin nearing an all-time high and on-chain metrics like 20 billion USDT in open interest, record leverage ratios, and a rising SSR index, buying momentum is strengthening, signaling a potential attempt at a new ATH. However, maintaining support above 66,000 USDT is crucial to sustain this trend. If a breakthrough occurs, large-scale profit-taking could lead to increased volatility, making risk management essential for investors

Written by Wenry