Quick Take
Bitcoin once again demonstrated its dynamic nature as open interest experienced substantial growth yesterday. This rapid upsurge was followed by a noteworthy contraction as Bitcoin’s value flash crashed by 2%, leading to an approximate evaporation of half a billion dollars in open interest. Contrary to expectation, this drastic dip did not significantly alter the overall open interest trends.
Presently, Bitcoin’s open interest remains within the 1.8%-2% range of the market cap, aligning with the peak of the current channel. Interestingly, over the past six weeks, despite the market’s instability, Bitcoin’s open interest has seen a steady growth of 6%. This suggests that investors maintain a continuous interest in the cryptocurrency despite its turbulent nature.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.