Bitcoin Open Interest Remains Elevated Post Dramatic Dip

2021-12-2 22:00

Data shows Bitcoin open interest has remained high despite the dramatic sell-off that occurred a few days back due to fud from the new COVID variant.

Bitcoin Open Interest Remains High Following The Sell-Off

As per the latest weekly report from Arcane Research, the BTC open interest hasn’t fallen much in the past few days. This is despite the recent sell-off triggered by fresh fud from the new Omicron COVID variant.

The “open interest” is an indicator that measures the amount of Bitcoin derivative contracts open at the end of a trading day.

High values of the metric can mean there is excessive leverage in the market. This could lead to higher volatility in the price of the cryptocurrency.

On the other hand, low values of the open interest may lead to lesser volatility as there isn’t much leverage in the market.

Now, here is a chart that shows the trend in the value of this Bitcoin indicator over the past year:

Looks like the open interest has been very high recently | Source: The Arcane Research Weekly Update - Week 47

As you can see in the above graph, the value of the Bitcoin open interest has remained quite high recently, despite the crash.

The metric has been trending down when measured in the USD, but it has remained above a certain level when denominated in BTC.

Related Reading | Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles

Currently, the Bitcoin open interest sits around $22 billion, or 380k BTC. This is a high value when compared historically.

Also, as the chart shows, the indicator’s value has remained above 365k BTC for more than a month now. It’s uncommon that these kind of high values are sustained for such a long time. As the report notes, this could mean the market currently has a lot of excess leverage.

Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery

The graph also has curves showing the share of the major derivatives exchanges out of the total Bitcoin open interest.

Following the launch of the futures-based ETF, CME’s share in the market saw a sizeable drop. However, yesterday the exchange’s share saw a sharp increase, and now its open interest share sits at 20%.

Bybit’s open interest has seen significant growth recently. The report suggests that spikes in this exchange’s share have previously lead to sharp price fluctuations in Bitcoin so it might be worth paying attention to the upcoming trend of the exchange’s open interest.

BTC Price

At the time of writing, Bitcoin’s price floats around $57.3k, up 1.3% in the last seven days. The below chart shows the trend in the price of BTC over the past five days.

BTC's price shows recovery from the crash | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

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Bitcoin Interest (BCI) на Currencies.ru

$ 0 (-1.38%)
Объем 24H $0
Изменеия 24h: 0.44 %, 7d: 1.22 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0055889 (-100%)

interest open bitcoin days sell-off remains high

Источник: newsbtc.com

interest open → Результатов: 126


Bitcoin Open Interest Continues To Rise, Short Squeeze Incoming?

On-chain data shows Bitcoin open interest and estimated leverage ratio metrics have continued to rise recently. This could mean that a short squeeze may be coming soon. Bitcoin Open Interest Rises Despite Decline In Price As pointed out by an analyst in a CryptoQuant post, the BTC open interest has shown uptrend over the past month, despite the price of the crypto moving down.

2022-1-11 22:00


CME Bitcoin Institutional Interest Hits New Record – Up 80% YOY

CME Bitcoin futures reached a record all-time of 5,311 contracts or $250 Million this week, as new Institutional money flows into the Bitcoin derivative market. The Importance of Institutional Money According to a recent tweet from one of the world’s largest Bitcoin derivatives marketplace, the number of open BTC1! contracts reached a record $250 Million in notional spot value on June 17.

2019-6-19 19:00


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