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Bitcoin looks extremely healthy – as Open Interest drops almost 15% in the past two weeks

CoinSurges
By CoinSurges

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Quick Take

  • Futures Open Interest (OI) is the total amount of funds (USD Value) allocated in open futures contracts.
  • The OI peaked in October 2022 — with roughly 667,000 BTC allocated in open interest contracts.
  • Roughly there are now 368,000 BTC allocated in OI contracts — a decrease of 300,000 Bitcoin.
  • Bitcoin has jumped in price from $19,000 to $26,000 while seeing leverage unwound. This is extremely healthy.
  • In the past two weeks, we have seen roughly a decrease in OI by about 15% — now at similar levels in early 2022.
  • For this trend to continue, OI must decline while spot Bitcoin accumulates.
Futures Open Interest: (Source: Glassnode)
Futures Open Interest: (Source: Glassnode)

The post Bitcoin looks extremely healthy – as Open Interest drops almost 15% in the past two weeks appeared first on CryptoSlate.

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