Bitcoin Drives Binance Open Interest To A Record $11.7B
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Bitcoin’s open interest surged 8.6% in the last 24 hours, reaching $11.7 billion, reflecting increased market activity. The 30-day bull-bear indicator remains above its 365-day average, reinforcing a positive market cycle and bullish sentiment in the Bitcoin market. Binance’s Open Interest Breaks an All-time High at $11.7B Open interest on Bitcoin’s futures and derivatives markets has climbed to an all-time high of over $11.7 billion on Binance. These are precise indicators that the participation of investors is growing, and thus confidence in Bitcoin’s future performance. Open interest has been rising along with strong trading, with OI staying above the 50-day moving average on a regular basis, supporting the bullish strength of the current rally. Open interest shown on the chart traces out an upward trajectory, reaffirming the impact speculation played on Bitcoin price movement. – Advertisement – Sharp price shifts are coincident with high levels of open interest, perhaps due to trader participation. Bitcoin Open Interest | Source: CryptoQuant If we take this as an indication of how market participants are leveraging their position on Bitcoin, it may mean that price volatility will continue to increase in the near term. The increase in open interest shows the importance of institutional and large trader involvement as the derivatives market becomes more important. This rise in open interest also continues, which seems to add credence to the idea that these traders are also contributing to stabilizing and moving prices for Bitcoin. It shows that this is a market where users are participating with a strong basis. If the momentum carries on and continues in that way, then it could go on to continue even increasing in value. Bitcoin Open Interest Upticks 8.6%, Heightening Market Tension Bitcoin’s open interest has risen by 8.6% over the past 24 hours as a sign of many…
Filed under: News - @ December 15, 2024 3:40 am