Increased retail trading in South Korea drives Bitcoin open interest up by $6 billion, while potential risks loom as the market enters a consolidation phase.
Matrixport reported a significant $6 billion rise in Bitcoin open interest over the past two weeks, with the annualized funding rate reaching 19%. This surge is linked to a jump in South Korean retail trading activity, with trading volume soaring from $1 billion to $6 billion. However, as the market moves into a consolidation phase, there are concerns about high-leverage long positions facing liquidation risks, particularly ahead of the upcoming FOMC meeting.