PANews reported on November 19th that, according to The Block, a new report from research firm K33 indicates that the Bitcoin derivatives market is exhibiting a "dangerous" and structurally worrying trend, as traders have increased aggressive leverage during the deepening pullback. Data shows that open interest in perpetual futures surged by over 36,000 BTC last week, marking the largest weekly increase since April 2023, while funding rates continued to climb, indicating that traders are using high leverage to "buy the dip." Vetle Lunde, head of research at K33, stated that these leveraged long positions have become a potential source of selling pressure in the market, significantly increasing the risk of increased volatility due to forced liquidation. Historical data shows that similar market structures have occurred seven times in the past five years, with six of them followed by continued declines within the following month, averaging a -16% drop. The report also points out that Bitcoin is facing pressure from continued outflows of ETF funds, with a net outflow of approximately 20,150 BTC in the past week. This sell-off coincides with selling by long-term holders and the relative weakness of tech stocks. If this pullback is comparable to the two most severe declines in the past two years, Bitcoin is expected to find support in the $84,000-$86,000 range; if selling pressure intensifies further, it could test the $74,433 level. Lunde stated, "These two price levels are psychological levels that many traders are closely watching. Although there is a common misconception that Strategy might be forced to sell when prices fall below their cost price, these price levels themselves represent a potential price level that the market might chase."PANews reported on November 19th that, according to The Block, a new report from research firm K33 indicates that the Bitcoin derivatives market is exhibiting a "dangerous" and structurally worrying trend, as traders have increased aggressive leverage during the deepening pullback. Data shows that open interest in perpetual futures surged by over 36,000 BTC last week, marking the largest weekly increase since April 2023, while funding rates continued to climb, indicating that traders are using high leverage to "buy the dip." Vetle Lunde, head of research at K33, stated that these leveraged long positions have become a potential source of selling pressure in the market, significantly increasing the risk of increased volatility due to forced liquidation. Historical data shows that similar market structures have occurred seven times in the past five years, with six of them followed by continued declines within the following month, averaging a -16% drop. The report also points out that Bitcoin is facing pressure from continued outflows of ETF funds, with a net outflow of approximately 20,150 BTC in the past week. This sell-off coincides with selling by long-term holders and the relative weakness of tech stocks. If this pullback is comparable to the two most severe declines in the past two years, Bitcoin is expected to find support in the $84,000-$86,000 range; if selling pressure intensifies further, it could test the $74,433 level. Lunde stated, "These two price levels are psychological levels that many traders are closely watching. Although there is a common misconception that Strategy might be forced to sell when prices fall below their cost price, these price levels themselves represent a potential price level that the market might chase."