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PANews reported on April 7th that Glassnode data shows the amount of Bitcoin futures open contracts reached $34.5 billion. Despite a brief rebound from the low of $33.8 billion on April 3rd, the overall downward trend has not changed. As traders reduce risk due to falling price momentum, futures positions continue to be closed out. Since March 25th, both cash-secured and cryptocurrency-secured open contract volumes have declined. Cash-secured open contract volume fell from $30.3 billion to $27.4 billion while cryptocurrency-secured open contract volume dropped from $7.5 billion to $6.9 billion but began rising again in the past 48 hours, suggesting more speculators are starting to take risks again. Cryptocurrency-backed Bitcoin futures contracts currently account for 20.5% of total outstanding contracts, up from 18.9% on April 5th. The rise in leverage ratio for cryptocurrency collateral could make markets more sensitive to price fluctuations and amplify volatility as positions become more sensitive.

PANews reported on April 7th, according to OnchainLens, a certain whale established an ETH long position with a principal of $4.52 million and 20 times leverage. After holding the position for 3 hours, they closed out and exited, ultimately making a profit of $1.87 million.