Interestingly, interest in open bitcoin remains high even as the price falls. This suggests that despite the price collapse, investors still view the pioneering cryptocurrency favorably.

Open interest in Bitcoin remains near an all-time high

Bitcoin’s price has fallen over the past week, pushing it from over $70,000 to below $66,000. Typically, such a decline would be largely reflected in open interest in the cryptocurrency. However, this did not happen, according to Coinglass data to introduce.

Rather than decline significantly, open interest is holding up quite well, remaining close to an all-time high. By comparison, earlier this month on June 6, Bitcoin’s open interest reached a recent record high of $36.87 billion. Bitcoin’s current open interest is $33.84 billion.

Current data means open interest has only dropped by about 10% over the past two weeks, representing a loss of about $3 billion over that period. However, this means that investors continue to invest heavily in Bitcoin and continue to take positions.

Open interest measures all options futures contracts on an asset open to the market. Therefore, the lower it is, it means that investors are not taking as many positions. Therefore, it is essential that open interest in Bitcoin remains near all-time highs.

BTC crash causes liquidation of over $110 million

As Bitcoin prices collapsed, a vast number of traders saw their positions liquidated. According to data approximately 44,000 traders have been liquidated from Coinglass in the last 24 hours. At the time of writing, the total dollar amount was $111 million.

Naturally, BTC is the leader with liquidated positions worth over $30 million. However, Ethereum is not far behind as $22.65 million was liquidated in the last 24 hours. Other notable liquidations occurred for Solana with $6.34 million, PEPE with $3.76 million and Notcoin with $2.92 million.

When it comes to which side suffered the most liquidations, the data shows an almost perfect balance, with 50.93% being none. However, as the price starts to rise, the shorter stocks started losing more at a rate of 71.29% in the last hour.

Meanwhile, the largest single liquidation order was for the BTCUSD pair on the Bybit exchange, as a trader was liquidated for $8.09 million. Additionally, most of the liquidations occurred in the last 24 hours, with losses totaling $80 million.

Featured image created with Dall.E, chart from Tradingview.com