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Bitcoin traded above $86,000 on Monday, reaching an eight-month high driven by a short squeeze, strong ETF inflows, and improved risk sentiment ahead of the Sept.
However, blockchain analytics firm Glassnode reports that the current rally does not yet exhibit the leveraged excess typically associated with market tops.
21, Glassnode stated that long leverage is "slowly rebuilding" in the options market as the asset touched its recent peak.
The firm tracks onchain and derivatives data across the crypto market and highlighted a divergence between different trading venues.
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