Open Interest is a crucial metric in BTC’s derivatives market as it tracks the total number of outstanding futures and options contracts that market participants hold at a given point in time. As this grows alongside BTC’s price, as per Abramchart, it indicates that,However, a bearish divergence was created in a situation where BTC’s price falls during its Open Interest rallies, suggesting a potential for future price volatility.
It is also possible that some BTC traders might be expecting a price reversal or bounce following the fall in the asset’s value, causing them to open new long positions or buy call options to profit from a potential recovery. This contrarian trading activity could have also contributed to the increased open interest.A closer assessment of BTC’s performance on-chain revealed that more bets were being placed in favor of a BTC price rebound.
The steady decline in the amount of BTC sent to exchanges showed fewer BTC sell-offs occurred in the last two months. This has been the case amid price fluctuations between the $30,000 and $31,000 range.While fewer BTC sell-offs have taken place, it is important to note that the ratio of BTC daily on-chain transaction volume in loss has now exceeded those that returned profit., the ratio of BTC’s daily on-chain transaction volume in profit to loss was 0.59% at press time.
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Source: CryptoAmb - 🏆 22. / 68 Read more »