BTCUSD View!!
Bitcoin open interest (OI) has dropped 12% from $34.7 billion to $30 billion over the past week, which is a net positive considering current market conditions.
Rising OI when prices move sideways after a flash crash indicates that more short positions are being opened. Multiple days of negative funding rates after Aug. 5 confirmed the bearish bias.
Hence, the drop in OI over the past week suggests that short-leverage traders could be nearing the exit until a clearer opportunity arises.
Rising OI when prices move sideways after a flash crash indicates that more short positions are being opened. Multiple days of negative funding rates after Aug. 5 confirmed the bearish bias.
Hence, the drop in OI over the past week suggests that short-leverage traders could be nearing the exit until a clearer opportunity arises.
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