BTC rally questioned as futures OI and spot demand decline

Questions are rising about the sustainability of Bitcoin's recent rally amid a decline in futures open interest and slowing spot demand, CoinDesk reported. The cryptocurrency has retreated after hitting a two-week high of $64,500 yesterday. According to the report, the combination of falling open interest, sluggish ETF inflows, and a persistently negative Coinbase Premium is fueling skepticism. Furthermore, the liquidation of over $500 million in Bitcoin futures positions in the last 24 hours suggests that the price gains seen in July may have been driven by a short squeeze.