Fading Bitcoin open interest might hint at imminent market stability

2023-9-7 01:00

Quick Take

The current Bitcoin open interest is on an unprecedented low trajectory, nearing year-to-date (YTD) lows with approximately 400,000 Bitcoin in open interest contracts. Concurrently, the ratio of open interest to market cap has descended to the lower limit of its channel at 1.88%. This proportion saw its peak at 2.4%, coinciding with Blackrock’s announcement about filing for a Bitcoin-based exchange-traded fund (ETF) earlier this year.

The data clearly demarcates the period of intense speculation triggered by Blackrock’s announcement within the summer months. However, the recent decline in open interest suggests a return to a more sustainable level, indicating that the market may be stabilizing within its range. The resetting of these key metrics to their lower bound underlines the cyclical nature of the cryptocurrency market and emphasizes the potential influence of institutional activities on market dynamics.

Open Interest: (Source: Glassnode)

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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.

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