Bitcoin Open Interest Has Cooled Off, Good Sign For Bulls?
Data shows the Bitcoin Open Interest has observed a notable cool off recently, something that could be positive for the rally’s hopes.
Read moreData shows the Bitcoin Open Interest has observed a notable cool off recently, something that could be positive for the rally’s hopes.
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Data shows the Bitcoin Open Interest has set a new all-time high (ATH) as the cryptocurrency’s price has surged above $72,000.
Bitcoin Open Interest Has Shot Up Recently
CryptoQuant Netherlands community manager Maartunn explained in a post on X that the BTC Open Interest has just reached a new ATH.
A quant has explained that Bitcoin could end up seeing an extended drawdown if the past pattern in the Open Interest ends up repeating.
Read moreData shows that around $533 million in crypto long contracts have been flushed down as Bitcoin crashed below the $63,000 level.
Read moreData shows more than $1 billion in cryptocurrency futures contracts have been liquidated following the rollercoaster Bitcoin has gone through.
Read moreData shows around $280 million in cryptocurrency futures shorts have found liquidation in the past day as Bitcoin has touched $57,000.
Read moreOpen interest, the total number of outstanding derivative contracts that have not been settled, is an important metric for gauging market health and sentiment. An increase in open interest means new money entering the market, showing heightened trading activity and interest in Bitcoin.
Read moreData shows that Bitcoin Open Interest has surged to extreme levels recently, a sign that a large amount of volatility may soon clutch the market.
Bitcoin Open Interest Has Been Rapidly Moving Up Recently
As an analyst in a CryptoQuant Quicktake post pointed out, the BTC Open Interest is very high.
Data shows the futures side of the crypto market has witnessed liquidations of $221 million as Bitcoin has broken above the $51,500 mark.
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Open interest in Bitcoin futures has risen to over $23 billion. The leverage on these positions is low, which lowers the chance of major price crashes due to liquidations.
Open interest in Bitcoin futures has rallied over 20% to highs not seen since the 2021 bull run.
Data shows the cryptocurrency futures market has gone through a $152 million liquidation squeeze as Bitcoin has broken past $47,300.
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