Bitcoin Market Quiet After Leverage Wave

Recent market activity suggests a period of reset rather than a dramatic decline for Bitcoin. Open interest across exchanges has significantly decreased, indicating the removal of leveraged positions and possibly setting the stage for a more stable environment. This is coupled with a stabilization in the Spent Output Profit Ratio (SOPR) near 1.0, showcasing calmer trading behavior and reduced panic selling. This shift aligns with an increase in stablecoin supply – reaching a record high of $158.8 billion – indicating a substantial pool of capital ready to re-enter the market.