Open interest data specifically for Bitcoin (BTC) indicates that high risk continues.
Over the last three days, the Bitcoin price has fallen by around 5%, in line with bad inflation data from the US. However, open interest data has reached the level of 1.5 billion dollars and continues its upward trend.
According to @filbfilb, founder of Decentrader, despite this decline in Bitcoin price, open interest is still on the rise and this poses a big risk:
"While the Bitcoin price remained stable, the open interest value increased by 1.5 billion dollars. This is a high-risk situation. I do not remember such a situation for a long time. Be careful."
Negative news for Bitcoin price?
Open interest refers to the total number of contracts that have not yet been closed or executed in derivative markets such as futures contracts or options. That is, it is the total of open positions.
The increase in open interest while the Bitcoin price is falling indicates that many investors still have not closed their positions in the market and speculative activities continue.
This shows that there is still a large amount of money in the market and many investors are speculating on future price movements.
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