Binance Open Interest in Bitcoin Records A Significant Decline!
The post Binance Open Interest in Bitcoin Records A Significant Decline! appeared first on Coinpedia Fintech News
As per the latest reports, Open Interest and BTC prices both hit all-time highs as Bitcoin approached the critical 100k target. The surge in Open Interest was driven by a significant increase in leveraged positions as star crypto surged rapidly. The 7d percentage change in open interest reached an ATH reflecting a massive growth in leveraged positions. However, as these positions grew unsustainably fast, a market correction followed and the Bitcoin price dropped by 9%, leading to a liquidation of leveraged positions. Following this event, the 7-day change in open interest sharply declined, approaching its low-level limit. Historically, when this indicator reached the high or low limit, a market shift happened in the short term.
