$1.3 Billion Added to Bitcoin Market After Fed Minutes Were Released

After the Federal Reserve released the minutes of its July meeting, there was a $1 billion increase in open interest in Bitcoin.

Bitcoin open interest in derivatives markets increased by $1.26 billion in 12 hours to $31.92 billion. Open interest includes positions that have not yet expired or been closed.

Clues to BTC's direction

The increase in open interest could mean that investors are starting to get a clearer idea of ​​which way Bitcoin will go.

Market data shows that investors are divided on whether Bitcoin will rise or fall. 50.04 percent of open interest is long; 49.96 percent is short.

Fed rate cut expected

According to Markus Thielen, research director at 10x Research, the Fed meeting minutes suggest that “a September rate cut is almost certain.”

“The vast majority of FOMC members supported a September rate cut, with some members even thinking a July rate cut was possible,” Thielen said.

Anonymous crypto trader Sykodelic said that “Bitcoin looks set to move higher” and that the Fed minutes have a “dovish tone.”

Markus Thielen said that Fed Chair Jerome Powell’s speech on Friday is expected to reinforce this dovish stance, which could support riskier assets like Bitcoin.

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