#加密市场周期与牛熊转换 The open interest in contracts has surged by $2 billion in one go. On the surface, the bullish momentum seems unstoppable, but the logic behind this data needs to be thoroughly understood.

CryptoQuant analyst's insights hit the mark—short-term leverage accumulation often indicates risk concentration, and price volatility tends to be limited in duration. That’s why one of the signals I pay close attention to when copying trades is the correlation between the growth rate of open interest and price increases.

Honestly, the construction of a bull market bottom has never relied on piling up leverage. A healthy reversal should be driven by natural inflows of incremental funds, not numerical games within contract accounts. Recently, I reviewed several failed cases, and they all fell into the trap of chasing high-leverage positions—short-term gains look attractive, but once volatility reverses, liquidation happens immediately.

My current strategy adjustment is: when I see this rapid accumulation of open interest, I lower the risk coefficient in my copy trading. Or I directly reduce the position allocation to aggressive traders and instead increase the weight of more conservative experts. In the true bull-bear transition cycle, longevity is more important than quick profits.

This data reminds us that the most lively moments in the market are often the easiest to get caught in. Being cautious is the right move.