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Bitcoin ($BTC) perpetual futures trading has dropped to a three-year low, research firm K33 reported, as participants step back ahead of Wednesday's U.S.
K33 described the current state of the market as "hibernation." Activity falls, open interest stays elevated Perp contracts track bitcoin's spot price with no expiration date.
A trough at a three-year low in that trading signals a broad retreat from new position-taking, K33's note showed.
Open interest, the aggregate value of contracts still outstanding, has not declined alongside trading volumes. K33 said that gap is the problem.
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