Levolytics Research #12: What Happens When People Are Perpetually Swapping?
Edition #12 | Written as of December 15th, 2025
Introduction
Welcome to the newest edition of Levolytics Research! The home of actionable data. If you enjoy the research, please subscribe and share our work with friends and colleagues, and follow @levolytics on X, the Everything App.
Market Update
Bitcoin, and the crypto market in general, remains range bound, with choppy and volatile trading conditions
Our Take on the Market
Macro Analysis
Metric Description:
Metric 1: BTCUSD Price
Green dots = Areas where Average Altcoin 4hr Volume ($) > Average Altcoin Open Interest ($)
Metric 2: Average Altcoin 4hr Volume (Pink) vs Average Altcoin Open Interest (Orange)
Average Altcoin 4hr Volume Current Value =$1.08M
Average Altcoin Open Interest Current Value = $7.63M
4hr volume eclipsing open interest signals that there is a lot of positioning changing hands i.e. that volume is not being absorbed into open interest
Metric Takeaway:
