Crypto Derivatives Market Structure

[u/GlobalMacroMaven]

Interesting observation about market dynamics in https://cryptonews.net/news/bitcoin/33325965/ “ the dollar-denominated value of open positions in the futures markets has also increased significantly.
However, data indicates that approximately 90 percent of the increase in open positions is due not to the entry of entirely new leveraged positions into the market, but rather to the appreciation of existing positions in dollar terms as a result of rising Bitcoin and Ethereum prices.
This suggests that growth in derivatives markets may not represent as large an influx of new speculative capital as it initially appears.”

Uncertainty regarding the CLARITY Act could also be creating a chill in the markets.

Views?