According to Odaily, data from CoinGlass reveals that Bitcoin's open contract positions have seen a significant increase of over $2 billion within three days, reaching $37.7 billion on June 6. This substantial rise in open contract positions might indicate that more traders are engaging in speculation.
Crypto trader Daan Crypto Trades stated on platform X that Bitcoin's open contract positions have significantly increased in the past three days. Kelly Kellam, Director of BitLab Academy, explained that the surge in positions and the ongoing positive funding rate suggest that Bitcoin's price could potentially experience a seesaw trend, which means the price might suddenly show a trend opposite to the current one.
Kellam further added, 'With the continuous existence of a positive funding rate (everyone is leveraging long), and the increase in open contract positions, this implies that Bitcoin might experience a slight pullback.' A large number of open contracts could increase price volatility, especially when traders hold multiple positions and decide to suddenly adjust their strategies.