Bitcoin has recorded a 22% price increase between July 23 and August 23, 2026, according to data from Santiment. However, what makes this rally stand out is that it occurred without an increase in leverage.
While the USD-denominated open interest rose by 8%, the coin-denominated open interest dropped by 11%, reaching a one-month low. This decline indicates that traders are using less borrowed capital to fuel the uptrend.
A rally with less leverage is generally viewed as healthier and more sustainable, as it suggests genuine demand rather than speculative bubbles. It also reduces the risk of sudden liquidations or sharp price corrections.
Analysts believe this structure reflects stronger market confidence, especially as Bitcoin continues to hold key support levels.