There is a flurry of recent activity in Big Bitcoin futures, which may imply investors are looking to hedge their bets. Since the macro scene is currently experiencing considerable volatility, this is understandable.
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There appears to be a heightened sense of security despite the crypto market’s inherent threats. In the meantime, despite the bear market, the price of Bitcoin (BTC) has remained relatively stable around the $19,000 mark.
High Levels of Open Interest in Bitcoin Futures
Open interest in Bitcoin futures contracts is nearly at an all-time high. This indicates that traders are really concerned about their positions and are looking to protect their investments. Cryptocurrency thought leader Satoshi Stacker has speculated that the current high level of open interest in Bitcoin indicates that the community is bracing for a significant price shift in the cryptocurrency. Despite the negligible number of bankruptcies, this is the case.
Close to record highs in open interest have been seen in futures markets. The term “open interest” (OI) refers to the cumulative quantity of futures contracts owned by market participants at the close of trade. This indicates that everyone is getting set for a massive Bitcoin shift.
And Bitcoin’s value is still stuck in a narrow band between $19,000 and $20,000. According to data compiled by CoinMarketCap, the current Bitcoin price is $19,231, an increase of 1.49 percent in the last 24 hours.
Source: Google Trend