Bitcoin perpetual-futures open interest has continued to build since Oct. 14 without a full reduction during market pullbacks, analyst Murphy said in a BlockBeats flash on Oct. 25.
Murphy also said Bitcoin realized losses measured on an entity-adjusted basis had declined rather than increased during the latest retreat.
Long and short positions are accumulating
New positions were building on both sides of the market, according to Murphy. Because the recent decline did not complete a broader deleveraging, the analyst said another larger volatility move could follow. The comment did not identify which direction would prevail or which side would be triggered first.
Source: BlockBeats, 2026-10-25 10:00:39 UTC.