Bitcoin Relative Open Interest Lowest Since Feb, Analyst Says “Hard To Be Bearish”
Summary
Bitcoin's Open Interest as a percentage of its market cap has recently dropped below 2%, indicating a healthy derivatives market. The Open Interest metric tracks the total amount of derivatives-based Bitcoin positions open on centralized exchanges. A decline in this metric suggests stability, while an increase indicates rising leverage and potential volatility. The recent drop in Open Interest suggests a cooling derivatives market despite Bitcoin's recovery efforts. The market's health will determine the potential for further recovery. Bitcoin's price has fluctuated between $65,500 and $64,100.
