An analysis of Binance’s open interest (OI) data over the past six months shows its significant impact on the market.

Example 1: June 11, 2024

- OI: $7.68 billion

- Bitcoin price: $71,000

- Bitcoin down: 23.94%

- OI down: 21.88%

The overheated futures market led to a correction, after which Bitcoin reached new highs of over $100,000.

Example 2: Current situation

- OI ATH: $12.5 billion

- Bitcoin price: $108,000

OI is forecast to fall to $9.77 billion and Bitcoin to $82,220.

Historical data indicates that the market tends to recover after a correction. The levels of $82,220 for Bitcoin and $9.77 billion for OI may become local lows before a new rise.