Data shows a divergence is forming between Bitcoin and Ethereum’s open interest, something that has been bullish for BTC in the past.
Bitcoin Open Interest Has Declined, While Ethereum Has Seen Rise
According to data from the on-chain analytics firm Santiment, the BTC open interest has been going down since Monday. The “open interest” here refers to the total amount of Bitcoin contracts (in USD) that are currently open on the futures and options market.
When the value of this metric increases, it means that there are more positions being opened up on derivative exchanges right now. Such a trend can lead to increased volatility for the asset, as more positions generally come with higher overall leverage for the sector.
On the other hand, decreasing values suggest the traders are either closing off their positions or are getting liquidated. The cryptocurrency may become calmer following this kind of trend.
Now, here is a chart that shows the trend in the open interest for Bitcoin a
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