You can also find out more about the following: Bitcoin open interest This is an indicator for how investors view cryptocurrency, and the bets that they make. The market is affected by the fact that the new record high in the Bitcoin open interest is an important event. Bitcoin’s open interest set yet another record, which could mean the demise of this digital asset in the near future.
Bitcoin Open Interest Records New Record
Bitcoin’s open interest now has a new record. The Bitcoin open interest has now reached a new all-time high. open interest Had declined for quite some time. It even fell below $30 billion as recently as May.
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Then, you can proceed to the next step. Bitcoin open interest fluctuated for a few monthsIt will take the price with it. Open interest, however, has increased with the rebound in the market. It has reached new heights, as BTC prices shot up to $70.000.
The Bitcoin open interest rose by $1.5 billion on Monday. The 24-hour increase was 5.94%. data Coinglasss pushed open interest to the highest level ever recorded, exceeding $39.5 billion.
Exchanges like Binance, Bybit and OKX saw the biggest increases in interest, with an average 8% rise in each. the Bitcoin open interest. Binance bitcoin futures, for instance, have reached an all-time record of $9.05billion.
The New OI ATH
Bitcoin open interest reaching an all-time record is a sign of increasing interest, as traders start taking different positions in cryptocurrency. However, historically, traders have taken positions in cryptocurrency when it was at its lowest. open interest The market has been affected by the new highs.
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In March of this year, the Bitcoin open interest reached an ATHThe open interest was falling above the top. next BTC prices are also falling in the last few months. The Bitcoin price dropped by 20 percent less than 2 months after the March ATH.
If the trend persists, the recent ATH might be a signal of a downturn. On Monday the Bitcoin price started to respond, dropping from $70,000 down below $67,000 within hours, before rising again. If this downward trend continues, the Bitcoin price could fall more than 10% and reach below $60.000.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com