Data shows the Bitcoin Open Interest has observed a notable cool off recently, something that could be positive for the rally’s hopes.
Bitcoin Open Interest Has Cooled Down From Recent Overheated Levels
As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin Open Interest has registered a retrace recently. The “Open Interest” here refers to a measure of the total amount of BTC-related derivative contracts currently open on all exchanges.
When the value of this metric rises, it means that the investors are opening new positions on the derivative market right now. Generally, the total leverage in the market goes up when new contracts crop up, so an increase in the Open Interest could lead to higher volatility for the asset.
On the other hand, a decline in the indicator implies the derivative users are either closing up their positions of their own volition or getting forcibly liquidated by their platform. Either way, the market could act in a more stabl
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