Bitcoin futures open interest has declined to 587,584 BTC, its lowest level in five months, from 645,760 BTC on Aug. 14, local time, according to CoinDesk, which cited Glassnode data. CoinDesk said the recent price increase from $62,000 to $80,000 was driven more by short liquidations than by new leveraged long positions. Annualized funding rates for perpetual futures (contracts without expiration) have remained below 10%. The combination of limited leverage overheating and a growing share of cash-margined futures suggests a more stable market structure than in the past and supports the sustainability of the uptrend, CoinDesk assessed.