Blockchain analytics firm Glassnode has revealed that unpositioned squaring contracts for bitcoin perpetual futures in 2024 essentially fluctuate between 220,000 and 240,000 BTC, a figure that typically falls rapidly during deleveraging events and rises during more speculative periods, but recently unpositioned squaring contracts have risen to the 260,000 to 280,000 BTC range, indicating an increase in speculative demand since early June, with Binance, Bybit and OKX accounting for about 84% of the market share. Previously, when the BTC price fell to the $53,000 area, it led to a meaningful deleveraging event, and many long-biased traders were liquidated near the lows, but then the rally price recovery was also very strong, returning most short-term holders to unrealized profit status, which provided much-needed financial relief to the net positive capital inflows in recent weeks.