Analyzing the ebb and flow of futures contracts across exchanges can provide invaluable insights into the market’s collective outlook. The state of open interest in Bitcoin futures and the ratio between long and short positions can help us determine whether the market is bullish or bearish and anticipate potential price movements.
Over the course of 24 hours between April 9 and April 10, the futures market experienced a slight but notable shift. Open interest, a measure of the total number of outstanding futures contracts that have not been settled, decreased from $35.17 billion to $33.77 billion. This decline in open interest, alongside a 4.55% decrease in long positions to $39.65 billion and a minor 0.38% decrease in short volume to $37.31 billion, indicates a cautious retraction in market participation. These figures suggest a slight bearish tilt in trader sentiment in the past 24 hours.
The fluctuation in the futures’ long/short ratio over the last few weeks illustrates how the
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