Data shows the Bitcoin Open Interest has set a new all-time high (ATH) as the cryptocurrency’s price has surged above $72,000.
Bitcoin Open Interest Has Shot Up Recently
CryptoQuant Netherlands community manager Maartunn explained in a post on X that the BTC Open Interest has just reached a new ATH. The “Open Interest” is an indicator that tracks the total amount of Bitcoin derivative contracts currently open on all exchanges.
When the value of this metric rises, investors will open more positions in the derivative market right now. Generally, the total leverage in the market increases when this trend occurs. As such, the asset may be more likely to become volatile following an increase in the Open Interest.
On the other hand, the indicator going down implies the investors either are closing up positions of their own volition or are getting forcibly liquidated by the platform with which their position is open. Since the leverage would decrease in this situation, the
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