Рекордный леверидж альткоинов предвещает резкие колебания на рынке Translation: Record Leverage in Altcoins Foretells Sharp Market Fluctuations

Timothy Misir, head of research at BRN, has cautioned about the risks associated with record leverage in altcoins, as reported by The Block.

The expert highlighted that the open interest (OI) in leading alternatives to Bitcoin has reached an all-time high due to an influx of speculative capital. Meanwhile, implied volatility remains low. He stated that such a combination often precedes sharp price fluctuations.

Analysts from Glassnode confirmed that OI in altcoins has soared to a record $47 billion. This figure amplifies both the potential for growth and the risk of market decline.

The OI for Ethereum options is also nearing annual highs at $16.1 billion.

The surge in Ethereum’s price to $4,700 has been driven by spot ETFs. The net inflow to these funds over the past day reached $729 million, marking the second-largest daily total.

For Bitcoin, a key support level is set at $120,000, which represents the cost basis for short-term holders, noted Misir. He added that investors who recently purchased the asset did not sell it during the recent drop to $112,000.

According to the analyst, consolidating around the $120,000 mark creates favorable conditions for a new rally above the historical high of $124,128, with the next target potentially being $144,000.

At the time of writing, the market is undergoing a correction, with Bitcoin trading around $118,720.

Glassnode analysts have pointed out the resilience of Bitcoin’s key on-chain indicator — MVRV. Despite price dips, the total unrealized profits for holders remain above the average.

They suggest that this indicates sustained profitability among various groups of investors, with minimal pressure from «capitulating» market participants.

Glassnode believes that this scenario fosters conditions for the continuation of the upward trend.

It’s worth noting that inflows into Ethereum ETFs The Merge. U.S. spot exchange funds attracted $2.45 billion over the month, equivalent to approximately 500,000 ETH.