In an interesting turn of events, Bitcoin open interest remained high even at a time when prices were falling. This suggests that despite the price drop, investors still look favorably on the pioneering cryptocurrency.
Bitcoin Open Interest Remains Near All-Time High
THE Bitcoin Price has seen a decline over the past week, dropping it from over $70,000 to below $66,000. Usually, a drop like this would be greatly reflected in open interest in the cryptocurrency. However, this has not been the case, as Coinglass data shows. watch.
Rather than experiencing a significant decline, open interest has held up quite well, remaining near its all-time high. To put this into context, the Bitcoin Open Interest Hits New All-Time High of $36.87 Billion earlier this month on June 6. Currently, Bitcoin’s open interest stands at $33.84 billion.
The current figure means that open interest has only fallen about 10% over the past two weeks, losing around $3 billion during that time. However, this means that investors continue to invest heavily in Bitcoin and continue to take positions at this time.
THE open interest measures all options futures contracts for an asset open in the market. Therefore, the lower it is, it means that traders are not taking as many positions. That is why Bitcoin open interest it is important to stay close to its all-time high.
BTC Crash Leads to Liquidations Above $110 Million
With Bitcoin prices falling, a large number of traders saw their positions liquidated. According to data From Coinglass, around 44,000 traders were liquidated in the last 24 hours. The total dollar amount stands at $111 million at the time of writing.
Naturally, BTC is in the lead with more than $30 million in positions liquidated. However, Ethereum is not far behind, as $22.65 million was liquidated in the last 24 hours. Other notable liquidations took place with Solana with $6.34 million, PEPE with $3.76 million, and Notcoin with $2.92 million.
As for which side suffered the most liquidations, the data shows an almost perfect balance, with 50.93% short selling. However, as the price begins to recover, shorters started losing more, at a rate of 71.29% in the last hour.
At the same time, the largest liquidation order was issued across the country. BTCUSD the pair on the Bybit exchange as a trader was liquidated for $8.09 million. Furthermore, the majority of liquidations took place in the last 24 hours, with a loss of $80 million.
Featured image created with Dall.E, chart from Tradingview.com
