Bitcoin futures buying pressure hits highest since Aug 19; open interest up 9,000 BTC in 24 hours

The 4.9 buying-pressure reading matters less as a level than as a positioning signal: nearly five standard deviations above the weekly average means a large share of recent futures flow is fresh long exposure, not rotation. That cuts both ways — the same crowded positioning that can extend a move is the fuel for a fast unwind if the referenced thresholds fail. The open question is whether that leverage is being added alongside spot demand or in place of it; if it is the latter, the market's near-term direction rests on a narrow base.