Bitcoin Open Interest Has Cooled Off, Good Sign For Bulls?
Summary
Bitcoin's Open Interest has recently cooled off, potentially benefiting the rally. Open Interest measures total BTC-related derivative contracts, with a rise indicating increased market leverage and potential volatility. Conversely, a decline suggests stability. The indicator had surged alongside price, reaching an all-time high above $18 billion before a significant drawdown. As the price ranged, Open Interest fluctuated, dropping to under $14 billion. The recent decline in Open Interest has coincided with a price rebound to $66,300, suggesting potential for a lasting recovery if Open Interest remains stable.
