The data shows that Bitcoin’s open interest has risen to the highest new level (ATH), which means high speculation attention around BTC.
Bitcoin’s open interest increased alongside prices
Cryptoquant Maartunn also explained in Jadid mail In X, Bitcoin’s open attention has witnessed a recent sharp increase. “Open interest” here refers to an indicator that tracks the total amount of BTC situations, which are currently located on all derivative exchanges.
When the value of the scale rises, this means that investors open new sites related to the original. In general, more attitudes reach more influence for the sector, and therefore the price of cryptocurrency can become more volatile after the open interest leap.
On the other hand, the fiery indicator means that traders either close their will or obtain forced filtering by their platform. This type of trend can remove the leverage, which can make the original naturally stable.
Now, here is a scheme that shows the trend in the open interest in the past few months:
The value of the metric appears to have sharply been going up in recent days | Source: @JA_Maartun on X
As visible in the graph above, Bitcoin’s open interest has seen a strong increase alongside the assets round towards the highest level (ATH) during the past few days.
This indicates that speculative interest in the currency has risen. This trend is not something unusual, as the marches tend to attract a lot of attention, and with attention it comes naturally to re -put it in the derivative market.
However, the height scale this time is definitely something worth noting. Fast increases in the index along with a march that can shake its stability at times.
After the last leap, the open interest Bitcoin did not touch 45.3 billion dollars, which is a new ATH. “This is the highest level of influence that the market has ever witnessed,” the analyst notes. It remains now to see whether the upscale momentum will continue regardless of severe speculation, or whether it will prove that it is a warning sign.
In some other news, the BTC Rally was also accompanied by growth in the distinctive Coinbase, an indicator that measures the difference between the BTC prices listed in the exchange of encrypted currency (USD) and Binance (USDT).
As planned below that Maartunn shared in another x mail Offers, the value of the scale floats on a positive value of $ 108 at the present time.
Looks like the indicator has grown over the last few days | Source: @JA_Maartun on X
This prominent positive value means that Coinbase merchants currently participate in a higher amount of purchase of Binance users, which is why Bitcoin is going at a higher rate there.
BTC price
Bitcoin has pushed back towards ATH, as the last continuation of the recovery process has reached $ 122300.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Distinctive image from Dall -e, Cryptoquant.com, Chart from TradingView.com
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