Bitcoin Gains 35% From August Low as Open Interest Falls 20%
JH Kim
Summary
- Bitcoin (BTC) has gained 35% from its August low.
- Over the same period, Bitcoin-denominated open interest fell about 20%.
- As a result, Bitcoin-denominated open interest dropped to its lowest level since March.
Forecast Trend Report by Period
Bitcoin has risen 35% from its August low, while Bitcoin-denominated open interest has fallen about 20%.
Glassnode said on September 29 that Bitcoin's price had climbed 35% from its August low, but open interest declined about 20% over the same period.
As a result, Bitcoin-denominated open interest fell to its lowest level since March.
The divergence shows that even as Bitcoin's price has risen, open interest in the derivatives market has declined, signaling a split between the cryptocurrency's price and the size of leveraged positions.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.