Bitcoin's open interest expanded significantly despite a decline in BTC price. How will BTC be impacted in the future?
witnessed a massive surge in open interest over the last few days, despite its price hovering around the $63,000 range.More Open Interest often indicates more traders are entering the market using futures contracts. This can lead to higher volatility as these traders place bets on the future price of Bitcoin.
An increase in Open Interest can also improve liquidity in the Bitcoin market. With more Futures contracts outstanding, there’s a larger pool of buyers and sellers, making it easier to enter and exit positions.According to Coinglass’ data, the number of short positions taken against BTC had outnumbered the long positions. It remains to be seen whether the bears turn out to be right about their calls.
Grayscale’s GBTC ETF saw a daily net outflow of $103 million, while BlackRock’s IBIT ETF had an inflow of $12.4363 million, and Fidelity’s FBTC ETF had an inflow of $5.3039 million.However, at press time, things were looking dire for BTC. The price of BTC had fallen to $60,833.76 due to a decline of 3.4% in the last 24 hours. The volume at which BTC was trading at had also declined by 1.8%.
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