Bitcoin (BTC) open interest surges as prices hit new local highs

Bitcoin (BTC) open interest surges as prices hit new local highs
фото показано с : invezz.com

2023-8-9 14:48

The leading cryptocurrency by market cap, Bitcoin, showcased movements on Tuesday after several weeks of subdued trading. The digital token gained 3.6% to overcome the $30K region again this month.

Yesterday’s improved market mood saw Bitcoin rising to 2-week highs beyond $30.2K by afternoon. The bellwether crypto has since lost 1.2% to $29,820 during press time.

Bitcoin open interest at record-highs

#Bitcoin Open Interest on Binance is now at it's highest point since the FTX Collapse.

It has seen a $500M+ increase in the past day alone.

Something is cooking… 👀 pic.twitter.com/hDj0dBR37U

— Daan Crypto Trades (@DaanCrypto) August 9, 2023

Tuesday had Bitcoin’s aggregate open interest soaring, hitting levels never seen for a while. The metric increased by over $500 million on exchange Binance within the past day.

CME derivatives activity recorded minor changes in open interest, indicating retail-focused actions. Also, active spot trading accompanied Bitcoin’s increase on Binance.

However, that contrasts with somewhat muted actions on the exchange Coinbase. Invezz.com reported how Coinbase transaction volume deteriorated amidst the prolonged cryptocurrency winter.

Meanwhile, Coinanalyze revealed sharp upticks in stablecoin open interest following BTC’s robust performance, with the former increasing by 12.6% within ten hours to $8 billion.

Bitcoin’s potential direction

Earlier, Cathie Wood’s Ark Invest predicted a massive Bitcoin move in either direction due to various facets, including faded volatility. Despite the latest price retreat, players contend with substantial OI accumulation, which might witness magnified pressure amid continued downside trends.

Spot activity decline and surging funding rates pressure newly executed positions. Delphi Digital’s Jason Pagoulatos sees two potential cases arising from the ongoing dynamics in the market.

Continued muted spot activity will likely decrease open interest, potentially welcoming price dips. Further, improved spot trading could trigger extended upside actions.

Calmness before the storm?

Meanwhile, Bitcoin’s extended period of muted volatility has markets anticipating an impending market shift, potentially catalyzed by substantial triggers on the horizon.

Bloomberg believes Bitcoin exchange-traded funds applications by significant players like BlackRock can disrupt the ongoing docile market conditions. The industry highly awaits SEC’s decision on spot BTC ETFs.

The post Bitcoin (BTC) open interest surges as prices hit new local highs appeared first on Invezz.

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Bitcoin (BTC) на Currencies.ru

$ 61400.06 (-0.22%)
Объем 24H $28.789b
Изменеия 24h: -2.22 %, 7d: -3.23 %
Cегодня L: $61281.73 - H: $63088.03
Капитализация $1209.475b Rank 1
Цена в час новости $ 29954.52 (104.98%)

bitcoin subdued trading weeks several digital token

Источник: invezz.com

bitcoin subdued → Результатов: 22


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