Editor's PiCK
[Analysis] "Bitcoin futures remain dominated by sellers... $175 million net selling in 6 hours"
Summary
- It was analyzed that the selling trend continues to dominate recently in the Bitcoin futures market.
- After a short-term price drop, the net selling amount recorded $175 million over six hours, and despite a partial rebound, selling dominance was maintained.
- Open Interest over 24 hours increased to $3.04 billion, raising the possibility of higher price volatility.
In the Bitcoin futures market, a persistent selling dominance has been observed following a short-term downturn.
On the 2nd, analyst Axel Adler Jr. stated on X (formerly Twitter), "Since the 31st of last month, traders began actively unwinding long positions, and a strong selling trend has appeared in the futures market over the past 24 hours."
According to CryptoQuant, right after the Bitcoin price dropped to a short-term low of $112,000, the net selling amount over six hours reached $175 million. Even though the market partially rebounded, the net selling amount remained at around $78 million, suggesting that sellers remain dominant.
Adler added, "Open Interest over the past 24 hours has increased to $3.04 billion," further stating, "The move to expand short positions continues."
Meanwhile, open interest refers to the number of contracts in positions that traders have not yet closed in the derivatives market. Generally, the larger the open interest, the higher the potential for increased volatility in the coin price.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
