Bitcoin Open Interest Climbs—Is a Market Breakout Around the Corner?
Bitcoin has gradually been recovering with its price now hovering above $97,000 as of today—a noticeable increase from the $94,000 price mark seen earlier this week This upward movement comes as analysts highlight significant trends in the perpetual futures markets that may indicate a substantial shift on the horizon. Related Reading: Bitcoin Ready For ‘Take Off’—Analyst Reveals Key Signals Bitcoin’s Open Interest Points to Possible Market Shift One notable development is the increase in Bitcoin’s open interest—an indicator of the total number of outstanding perpetual futures contracts on....
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Following a lackluster performance in recent weeks, Bitcoin appears to be seeing a steady recovery with its price now approaching the $100,000 price mark. Particularly, so far, BTC has managed to regain some of the losses shedded in recent weeks with its price now hovering above $98,000, marking a 2.6% increase in the past 7 days. Alongside this price movement, new data have emerged highlighting significant activity among large holders on exchanges, suggesting a shift in market dynamics. Related Reading: Bitcoin Open Interest Climbs—Is a Market Breakout Around the Corner? Bitfinex Whales....
The open interest for AVAX has been on a consistent rise over the last month, carrying the price of the altcoin along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price. AVAX Open Interest Surge To $224 Million According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX. Related....
The Bitcoin open interest has remained on the high side despite the price declines, suggesting that interest in the leading cryptocurrency by market cap remains abundant. This interest is no doubt a good thing for the crypto market, especially in the long-term. But looking back at previous trends involving the Bitcoin open interest, it is concerning that the value is still so high and this could hinder a recovery for the Bitcoin price from here. Bitcoin Open Interest Still Above $56 Billion Data from the Coinglass website shows that the Bitcoin open interest is still quite high and not far....
Institutional investors had FOMO’d into bitcoin with the release of the first Bitcoin ETF. This enthusiasm quickly died down the week following the approval as trade volumes plummeted. The record opening was quickly replaced by lackluster momentum that saw institutional investors pull out of the market, likely owing to the asset touching a new all-time high and traders taking gains. institutional Bitcoin open interest had skyrocketed with the price, signaling the entrance of big money into the market. The run-up had lasted until the very end of October. Open Interest saw its peak on....
Bitcoin’s dominance of the crypto market has been on the rise. This naturally comes with every downtrend in the market because although bitcoin takes a hit, the altcoins always record the worse losses, leaving them with less dominance of the market. Bitcoin’s dominance has however not stopped here. It has now spilled onto the derivatives market where the dominance of the pioneer cryptocurrency is even more apparent. Bitcoin Open Interest Surges The general open interest in the crypto market has been on a decline since the market took a hit in December. This is currently sitting at about....