Declining open interest for Bitcoin on the Chicago Mercantile Exchange indicates more pressure on prices!

The “Bitfinex” report indicated that Bitcoin could continue its downward trend according to current indicators.

The price of Bitcoin actually tested the level below $60,000 in the past few hours, but the currency returned to the rise and rose above the level of $60,000, which it is still trading at at the time of publishing this article.

The decline in the price of Bitcoin came in conjunction with continued outflows from exchange-traded funds (ETFs) in the United States at the beginning of the new week.

According to the latest weekly report from cryptocurrency trading platform Bitfinex, US spot bitcoin ETFs lost more than $100 million per day over the past week, with a total of $544.1 million in mass outflows.

Analysts at Bitfinex explained that these flows are the result of a combination of investors’ response to short-term negative news and the unwinding of fundamental/financing arbitrage strategies due to negative funding rates.