The most valued asset has soared beyond the $ 62,000 mark ahead of the highly anticipated debut of the first US Bitcoin futures ETF. An augmentation of BTC price and a rise in open interest at the same time would confirm a bullish momentum for the asset.
Crypto traders often use open interest as a standard to confirm market sentiment. Previews of Glass knot, a crypto metric platform revealed that open interest in Bitcoin has increased incredibly by 107% to reach $ 12.2 billion October 18, 2021. since the start of this quarter. This increasing growth tends to have a positive impact on price action.
In 2020, the crypto star climbed 280%, while its future open interest was up 98%. During its bull run in the first half of the year, open interest was almost $ 15 billion and raised the price point to an ATH of $ 64,863. Therefore, the current rise in open interest is an indication of the return of advanced traders to the Bitcoin market.
In addition, the volume of options peaked at $ 1.5 billion per day last week, indicating massive price gains to come. Last time around, the same factor recorded new highs, bringing the price dynamics of the most dominant asset to a new ATH. On the other hand, the data of ByBT indicated that in the last 24 hours there had been a total of 72.87% long liquidations indicating growing interest in the asset.
Interestingly, the whales appear to be extremely optimistic about the asset. They claim long positions bet Up to $ 100,000. Glassnode data also revealed that up to $ 350 million the open interest volume was locked in with call options expiring on December 31, 2021. This also suggests that the bulls would liquidate their assets after expiration, causing the coin’s value to fall by ten% To 15%.
Collectively, the asset trades at $ 61,263 at press time with 0.33% gains in the last 24 hours. In the long term, the asset has a strong possibility of overtaking ATH. In the short term, since sellers show a slight advantage over buyers, the BTC price should be retested at $ 59,500 and could soon bounce back.