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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Open Interest Falls As Price Dips Below $31,000

Best Owie
Best Owie
2 years ago
3 mins read
bitcoin

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The bitcoin open interest over the past several weeks has been interesting to witness. Surges and dips appeared and disappeared just as quickly, usually following the price of the digital asset itself. Last week was no different given the movement. The bitcoin denominated open interest had plunged after only hitting a new all-time high the previous weeks. This suggests a sharp turn in the sentiment of investors after the rollercoaster of the last week.

Bitcoin Open Interest Down 25,000

Back at the beginning of June, Bitcoinist reported that a short squeeze may have been the reason behind the rally that saw bitcoin climb about $30,000 in the last days of May. This had been due to the fact that the open interest had risen drastically to a new all-time high of 307,189 BTC at this point. It was well-received in the market due to the fact that more investors were plunged back into profit but it seems the market is now retracing.

Related Reading | U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend

For the past week, the bitcoin denominated open interest had been on the decline. The result of this had been 25,000 BTC wiped off the market in the space of seven days. This saw a sharp crash in the open interest and like always, a similar movement had been recorded in the price of the digital asset.

The decline brought the total open interest as of the close of market on Monday to 292,171 BTC. What followed was a decline in the price of BTC back below $29,000. The value of bitcoin has since returned but open interest had lagged. 

bitcoin open interest

Open interest takes a nosedive | Source: Arcane Research

It is interesting given that the open interest had hit another all-time high on Monday evening just before the crash. It had beaten the previous week’s high to touch 317,734 BTC before the crash. Given that the same trend was recorded the prior week, it suggests investor sentiment remains unstable.

Checking The Boards

The most significant decline in the bitcoin denominated open interest was recorded on the FTX crypto exchange. Most of the drop had originated from here where the exchange had seen open interest fall by 15.5% in just four hours. This would then be followed by other crypto exchanges, although to a lesser degree.

Binance which is the leading cryptocurrency exchange in the space saw open interest fall by 10.6% in the same time period. It was closely followed by the Bybit crypto exchange, which saw 9.1% wiped off its open interest in a total of four hours.

Bitcoin price chart from TradingView.com

BTC loses momentum ahead of US trading hours | Source: BTCUSD on TradingView.com

Interestedly enough, Bybit which had recorded the lowest drop in open interest had seen the most impact on its funding rates. Despite that of Binance and FTX being larger, it was Bybit traders who saw a capitulation event to a worse degree.

Related Reading | Bitcoin Miner Revenues Stay Low As Price Decline Continues

Open interest is expected to recover through the next week given the interest in bitcoin perpetuals. However, the probability of the digital asset holding high remains low given recent trends.

Featured image from SciTechDaily, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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