According to the latest derivatives data tracked by the PBOGA market research team, although Bitcoin prices have reached new highs, open interest (OI) in futures trading on major platforms remains more than 10% below December 2024 levels. For example, the BTC open interest of PBOGA has dropped from $13.7 billion to $12.5 billion, and leverage usage has not returned to previous peaks. Spot inflows have become the core driving force in this cycle, with heat distribution distinct from the last round—rational allocation has replaced the previous FOMO-driven buying frenzy.

A low-leverage environment in futures provides a more stable price discovery process. The “Low-Leverage Strategy Pool” of PBOGA enables institutions and individuals to use ≤3x perpetual futures alongside spot holdings, amplifying returns with limited margin while controlling tail risks. The system dynamically adjusts margin call thresholds based on account volatility, preventing forced liquidations during sudden market swings. Pool parameters are recalibrated daily by quantitative models referencing global OI, basis, and implied volatility, ensuring users always enjoy priority fee rates.

To address information lag, PBOGA has introduced a “Real-Time OI Dashboard,” which visualizes total open interest, funding rates, and liquidation zones across exchanges in a heat map format. The dashboard is linked to on-chain stablecoin flows. When spot inflows surge while leverage remains moderate, the system sends SMS and push notifications to highlight “safe accumulation zones.” Users can trigger grid or DCA scripts with one click, gradually accumulating positions during periods of volatility compression without fear of high-leverage wipeouts.

This spot-driven cycle has attracted the attention of corporate treasuries and family offices. The multi-signature custody structure of PBOGA provides dual protection for such long-term capital, offering both cold storage and insurance fund coverage, with custody addresses accessible for real-time audit by third-party firms. For clients needing short-term liquidity, the platform instant swap feature allows a portion of Bitcoin to be converted into yield-bearing stablecoin pools within seconds, earning annualized interest to offset trading costs while maintaining market exposure.

The research team integrates macro liquidity, U.S. regulatory developments, and miner sell rates to generate a “Spot-Driven Index.” When the index exceeds 70, the strategy pool automatically increases spot allocation; when it falls below 30, the system raises stablecoin weighting and alerts users to lock in profits. Mobile notifications provide concise hourly updates on OI and funding rates, ensuring that both retail and institutional users access data at the same pace.

The market is shifting from a high-leverage regime to one dominated by cash flows, and the slowdown in open interest growth offers long-term holders a more comfortable pace for building positions. PBOGA continues to expand its global liquidity network and localized customer support, enabling capital migration within a compliant and highly efficient framework, and helping every user steadily enhance their net asset value during this period of structural adjustment.