Bitcoin OI surges above $15 billion, panicking BTC experts


On November 7, Bitcoin fell to $34,500 as analysts turned their attention to rising open interest (OI).


BTC price chart 1 hour | Source: TradingView

OI’s ‘sudden spike’ scares Bitcoin experts

Data from TradingView shows that BTC price trajectory is trying to regain support at $35,000.

The largest cryptocurrencies lacked clear direction as Wall Street opened, but market participants predicted volatility would soon return.

The reason, they said, was a sharp increase in open interest in derivatives markets.

“Almost 10k BTC (~$350 million) in OI added today. There will be fireworks soon.” Financial commentator Tedtalksmacro forecast daytime.

High investment holdings have reportedly coincided with a series of swings in recent months.

Commenting on current levels, which total nearly $15.5 billion at the time of writing CoinGlass data, researcher and data analyst James Van Straten described the fluctuations as “spectacular.”

Open interest on the CME exchange, favored by institutional investors, hit a new record, with a total of 105,380 BTC open contracts worth $3.68 billion. Binance has surpassed this number with an OI of approximately 113,500 BTC. ” pointed out James Van Straten.

“This trend indicates increased participation in Bitcoin futures, suggesting a positive change in market sentiment or a shift by investors towards hedging strategies.”


Bitcoin Futures OI chart (screenshot) | Source: CoinGlass

A. Maartunn, a contributor to the on-chain analysis platform CryptoQuant, also expressed uncertainty about how the OI phenomenon will develop.


source: marturn

In an analysis a day ago, JA Maartunn stated that OI is now in an area where BTC prices fell by 20% previously.

JA Maartunn said: “Historically, whenever this indicator exceeds $12.2 billion, it will cause the Bitcoin price to fall by at least 20%” Write On X, Osteogenesis Imperfecta is said to be of “high concern”.


BTC/USD Chart and OI | Source: JA Maartunn/X

Analysis: BTC price “left” $36,000 this week

Well-known trader Skew continues the report, mentioning the importance of current price levels on shorter time frames.

Skew said anyone moving in the “wrong” direction will face difficulties, leading to potential price volatility.

source: tilt

Monitoring resource material indicators concluded that $36,000 remains the upper limit for the time being.

“Putting a local high of $36,000 doesn’t mean it’s impossible to get above $36,000 this year, but the numbers I’m looking at suggest it’s at least unlikely.” Published this week,” part of the Nov. 6 X analysis explain.

“This also doesn’t mean prices will be free to fall back to the previous $25,000 to $28,500 range, but if a bullish breakout is not confirmed this month, this low will be crucial.”

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According to Cointelegraph


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