TechFlow news, July 28 — the latest Bitfinex Alpha report indicates that Bitcoin recently successfully defended the $114,800 support level and rebounded to $119,600. However, market structure has seen significant changes: Ethereum's share of open interest rose from 17% to 26%, while Bitcoin's dropped to 41%. The total open interest across major altcoins surged to $44 billion within four weeks, indicating substantial speculative capital inflows into the altcoin market.
While Bitcoin fundamentals remain robust, the concentrated rise in altcoin leverage has raised concerns about systemic risk. Meanwhile, weak U.S. economic data, including a 9.3% month-on-month drop in durable goods orders and low activity in the real estate market, could impact overall cryptocurrency market performance.
