According to BroadChain, at 12:00 on April 23, NewsBTC reported that the Bitcoin derivatives market is showing new signs of bullish rebuilding. On-chain analyst Axel Adler Jr. pointed out that the rise in the Bitcoin Positioning Index and the significant increase in futures open interest (OI) together indicate that the market is establishing new risk exposure, rather than a technical rebound triggered by short covering. This distinction is crucial for judging whether the recent rebound has structural support.
The key signal lies in the 30-day moving average (SMA-30d) of the Bitcoin Positioning Index, which has climbed to 4.5, reaching a four-month high. Meanwhile, the daily reading of the index rose to 40.1, while the 30-day change rate of Bitcoin futures open interest increased by 14.5%, one of the strongest readings in the past 120 days. Analysts emphasize that when the moving average of the positioning index and open interest rise simultaneously, it usually indicates that new funds and new leverage are entering the market.
The current market structure contrasts sharply with earlier this year. In February, when Bitcoin fell below $63,000, the SMA-30d bottomed at -10.9. Since then, the indicator has rebounded by more than 15 points, shifting from a damaged positioning structure to a steadily improving trend. The report notes that if the 30-day change rate of open interest turns negative or the SMA-30d falls back below zero, it would be a warning sign of structural deterioration.
As of press time, BTC is trading at $78,620. As long as open interest maintains positive growth and the positioning moving average continues to rise, the current structural improvement in the derivatives market provides more solid support for price recovery, indicating that participants are re-embracing leverage risk in a more sustained manner.