[Analysis] "Binance Open Interest Surges 29% in 20 Days... Indicates Bullish Trend"
Summary
- It was stated that Binance's open interest surged 29% in the past 20 days, indicating a bullish reversal.
- Burakkesmeci emphasized the close correlation between the increase in Binance's open interest and the rise in Bitcoin prices.
- It was analyzed that Binance's futures trading base suggests the possibility of a bullish trend for Bitcoin.
An analysis has emerged that the open interest (OI) on the global cryptocurrency exchange Binance has surged nearly 30% over the past 20 days.
CryptoQuant contributor Burakkesmeci stated on the 30th (local time), "Binance's open interest has been on a decline since the beginning of the year," adding, "However, over the past 20 days, the open interest volume has reversed the trend, increasing by 29.3% from $7.5 billion to $9.7 billion."
Burakkesmeci emphasized the correlation between Binance's open interest and Bitcoin (BTC) prices. He analyzed, "Based on the active movements in the futures market, Bitcoin prices have risen from $76,000 to $94,000 during the same period, a 23.7% increase," and "Binance's strong futures trading base suggests the possibility of a bullish trend for Bitcoin."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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