Analysis: Currently, the selling pressure in the market is still strong, and the rise driven by derivatives usually lacks sustainability

CryptoQuant analyst Darkfost pointed out that the current market has seen the largest increase in 24-hour open interest contract volume in recent times. In history, the rise driven by derivatives often lacked sustainability. During the strong bull market in November and December 2024, the amount of open contracts increased by 16% and 15% respectively, as the positive momentum in the spot market was strongly supported by the activity in the derivatives market. However, this time the price only increased by 4.2%, while similar past events have caused prices to rise by 10% and 7% respectively. This difference indicates that the selling pressure in the current market is still strong.