CoinDesk reported that the decrease in open interest (OI) in the futures market and slowing spot demand are raising questions about the sustainability of Bitcoin's short-term uptrend. The media outlet stated, "Bitcoin broke its two-week high of $64,500 the previous day but then showed a decline again. The combination of decreasing open interest, sluggish ETF inflows, and the sustained negative Coinbase premium is raising increasing doubts about the possibility of a continued uptrend. In particular, with over $500 million in positions liquidated in the Bitcoin futures market over the past 24 hours, there is growing weight to the possibility that the price increase observed in July is a result of a short squeeze."
