Bitrabo Editorial
Even as the price of Bitcoin has been decreasing, the open interest for the cryptocurrency has surprisingly remained high. This indicates that investors are still optimistic about the future of Bitcoin.
Bitcoin Open Interest Holding Strong
Despite a recent drop in Bitcoin’s price from over $70,000 to under $66,000, the open interest has not seen a significant decline as expected. Data from Coinglass reveals that the open interest is still close to its all-time high.
Earlier this month, the Bitcoin open interest hit a record high of $36.87 billion. Currently, it stands at $33.84 billion, showing only a 10% decrease over the past two weeks. This resilience indicates that investors are actively engaging in Bitcoin trading.
Open interest measures the total number of futures and options contracts held by investors. High open interest suggests increased investor participation in the market, making it a significant metric to monitor.
BTC Price Drop Leads to Liquidations Exceeding $110 Million
Following the decline in Bitcoin’s price, a substantial number of traders have experienced liquidations of their positions. Coinglass data shows that around 44,000 traders were liquidated in the last 24 hours, totaling $111 million.
BTC accounted for over $30 million in liquidations, while Ethereum saw $22.65 million liquidated. Other cryptocurrencies like Solana, PEPE, and Notcoin also experienced notable liquidations.
The liquidations were evenly split between long and short positions initially, but as the price began to recover, more short positions suffered losses. The largest liquidation order was $8.09 million on the BTCUSD pair on the Bybit exchange, with $80 million lost in total in the last 24 hours.