Bitcoin Futures Open interests (OI) have achieved record levels on the exchanges of cryptographic derivative instruments, because traders predict that the cryptocurrency will be continued and will achieve recent highest levels.
Bitcoin (BTC) Open interest reached the peak of just over $ 80 billion on May 23 According to to Couminglass. This is a 30% raise from the beginning of May, when speculators of derivatives load in anticipation of higher Bitcoin prices.
Open interest is the total number of backlog of Futures contracts that allow traders to bet on the future price of Bitcoins, which have not been resolved or closed, showing the total amount of current market speculations.
When it falls out, it indicates that huge crane items are being built on the market, with many traders taking enormous positions with borrowed money.
If the price of Bitcoin moves in relation to these excessive nervous positions, traders will be forced to be liquidated, and rinsing can cause Bitcoin sales pressure, which can cause a quick drop in prices and high variability.
However, analysts suggest that the rapid raise in the Bitcoin (ETF) stock exchange fund, which over $ 2.5 billion has been observed this week, can counteract some of this extended lever.
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Bitcoin option markets show a similar pattern with open percentage of over $ 1.5 billion at prices of $ 110,000 and USD 120,000 Derivative stock market. There are also over $ 1 billion at the prices of $ 115,000, USD 125,000 and USD 130,000.
About $ 2.76 billion of nominal value contracts will expire on May 23 with a PUT/Call indicator of 1.2%, which means that there are more low (PUT) sellers than a long (connection), and the maximum pain point in the amount of USD 103,000, in which most losses will be made after expiry, According to to Neribit.
Bitcoin will slip below $ 111,000
Meanwhile, Bitcoin slightly lost his last profits and briefly fell below $ 111,000 on Coinbase, According to to TradingView.
The assets have already gained almost 20% from the beginning of the year and almost 50% from the disaster to 75,000 USD on April 7 after the announcement of the global tariffs of the US President Donald Trump.
Bitcoin reached the highest level of $ 112,000 on May 22 and mainly traded slightly above $ 111,000 in the last 24 hours, but again fell below the level at 4:15 UTC on May 23.
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