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Bitcoin Open Interest Climbs 13% From Recent Low – Bull Run Restart?
The open interest in the Bitcoin derivatives market has seen a significant surge of 13% from its recent low, suggesting that investors are increasingly betting on the premier cryptocurrency’s price. This increase in open interest may be viewed as a healthy sign for the future prospects of Bitcoin, especially considering historical precedence.
As reported by CryptoQuant, the open interest in Bitcoin futures has skyrocketed to $2.3 billion, marking a 13% growth from its recent low. The influx of fresh capital into the derivatives market implies that investors are growing more confident about the potential trajectory of the Bitcoin price.
The rising open interest could be attributed to surging investor sentiment or speculation on the future direction of BTC’s value. As more investors enter the derivatives market and continue to bet on BTC’s price, it may further heighten volatility in the cryptocurrency space. Increased volatility often signals that large price movements could be imminent.
It is important to note that the Bitcoin price has been hovering around $84,500, with a nearly 5% increase over the past day.
Source: https://bitcoinist.com/bitcoin-open-interest-climbs-13-from-recent-low/
