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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin Price Climbs Above $85,000 As Open Interest Surges 16% In Past Day

Opeyemi Sule
Opeyemi Sule
6 months ago
2 mins read
Bitcoin

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The Bitcoin price action this weekend has been quite bubbly and impressive, with the premier cryptocurrency reclaiming the $85,000 level on Saturday, April 12. This burst of bullish momentum came after United States President Donald Trump’s exemption of smartphones, computers, and chips from the new trade tariffs.

According to the latest on-chain data, the Bitcoin open interest (OI) has also enjoyed a similar level of resurgence in the past day. The Bitcoin price could be gearing up for an extended upward run, especially with the open interest metric on the rise.

How The Latest Spike In Open Interest Could Affect The Market

In a Quicktake post on the CryptoQuant platform, analyst Burak Kesmeci revealed that the Bitcoin open interest has seen a notable upswing in the past 24 hours on the world’s largest exchange by trading volume, Binance. The open interest metric measures the total amount of capital flowing into BTC derivatives at a given time.

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An increase in the open interest usually indicates that Bitcoin traders are taking up new positions in the futures and options market. On the other hand, when the OI metric is declining, it means that BTC investors are exiting the derivatives market or their positions are getting liquidated.

Data from CryptoQuant shows that Bitcoin’s open interest on Binance has increased by a strong 15.8% in the past 24 hours. This surge saw about $1.2 billion flow into derivatives in a single day, growing the OI on the world’s largest exchange from $7.6 billion to $8.8 billion.  

Bitcoin
Source: CryptoQuant

Kesmeci highlighted that this rapid rise in Bitcoin’s open interest suggests a substantial build-up of leverage positions within a short period. The Quicktake analyst noted that Binance now accounts for 31.4% of the market, with a total futures OI of around $28 billion.

Kesmeci added:

Binance isn’t just reflecting the market trend — it’s actively leading it. 

The analyst also revealed that such a significant spike in open interest signals heightened activity and increased market volatility, which could lead to sharp liquidations of both long and short positions. Hence, investors might want to exercise caution when opening short-term positions.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $85,240, reflecting a 2.5% increase in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is up by over 2% on the weekly timeframe.

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The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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