Glassnode: Bitcoin's current price surge is driven by the influx of bulls, with open interest rising accordingly

BlockBeats News, July 10th, Glassnode stated in a post that during the latest Bitcoin (BTC) rally to $11.2k, short-sellers were once again hit, but this time active buying interest was also observed. Unlike the significant decrease in Open Interest (OI) of futures contracts during the late June rally, this time the OI positions actually increased — indicating new long positions entering the market, rather than just short covering driving the rally.