Bitcoin Open Interest Plunges As BTC Crosses $60,000
Summary
Bitcoin's open interest has dropped as BTC crossed $60,000, indicating significant liquidations. Open interest tracks total open BTC derivatives positions. A decline suggests holders closing positions or getting liquidated, leading to price stability. Recent data shows a sharp decline in open interest due to long liquidations during a crash, followed by short liquidations during a rally. Bitcoin shorts saw liquidations of over $94 million in the past day, contributing to a total cryptocurrency derivatives liquidation of $212 million. This likely influenced the sharp Bitcoin price move-up. BTC is currently around $60,300, down 8% in the last seven days.
