Search
Crypto News
News
Analytics Firm Detects Sharp Decline in One of the Metrics Driving Bitcoin…
Analytics Firm Detects Sharp Decline in One of the Metrics Driving Bitcoin Price – Here’s What It Means
Author:
Mete Demiralp
25.09.2024 – 21:51
Update:
3 seconds ago
0
Cryptocurrency analytics firm Alphractal has released a new report highlighting the resistance in Bitcoin’s open interest, which has reached $38 billion on major exchanges.
The report notes that there has been a significant increase in open interest recently, especially on platforms such as Binance, Bybit, Bitget, Bitfinex, and CME.
However, in the last 24 hours, many investors have closed their positions, causing a significant shift. The daily open interest delta fell by $400 million today and is on the verge of turning negative in the last week. Historically, sharp declines in open interest have generally been associated with price declines, while price increases have generally been associated with increases in open interest, Alphractal notes.
Related News
New Development on the Fate of Terra (LUNA) – Developers Released an Official Statement
“This highlights how strongly the Bitcoin price correlates with open interest, highlighting the importance of closely monitoring derivatives market metrics,” the report said.
The analysis also showed that while Bitcoin’s price is trading at current levels, many investors are choosing to exit their positions. Over the past week, approximately $80 million worth of liquidations have occurred, mainly affecting short positions.
*This is not investment advice.
To invest in more than 300 cryptocurrencies, you can register with Binance exchange with 20% COMMISSION DISCOUNT from this link!
Follow our
Telegram
and
Twitter
account now for exclusive news, analytics and on-chain data!
Buradaki Yorumlardan Bildirim Al
Bildir
Benim yorumuma yeni yanıt geldiğinde
Label
Name:
Mail
Δ
Label
Name:
Mail
Δ
0
Comments
Latest
The oldest
Top Rated
Inline Feedbacks
View all comments
