Amidst the frustration of merchants and buyers because of the worth stagnation, there was a noticeable improve within the open curiosity for Bitcoin’s futures contracts, possible pushed by heightened demand from institutional merchants. Regardless of the lackluster derivatives markets, Bitcoin Futures Contracts Open Curiosity reached new excessive on Bybit, with potential implications for the market’s sentiment, as per Glassnode.
📈 #Bitcoin $BTC Futures Contracts Open Curiosity simply reached a 16-month excessive of $2,816,492,332.03 on #Bybit
Earlier 16-month excessive of $2,815,891,040.41 was noticed on 14 August 2023
View metric:https://t.co/fFm13ZhEJc pic.twitter.com/7jLU0CED5f
— glassnode alerts (@glassnodealerts) August 16, 2023
A Surge in Bitcoin Futures Open Curiosity
Information from Glassnode exhibits a big improve within the open curiosity of Bitcoin futures contracts, reaching a 16-month excessive of $2,816,492,332.03 on Bybit, surpassing the earlier excessive of $2,815,891,040.41 simply two days earlier.
BTC Futures Contracts Open Curiosity on Bybit, Supply: Glassnode
As per Coinglass, a cryptocurrency futures buying and selling & data platform, Bybit now ranks second in complete BTC futures open curiosity with 96.60K BTC, solely trailing behind Binance, which has 154.40K BTC.
Open curiosity represents the variety of futures contracts market members maintain on the finish of the buying and selling day. It’s calculated by including all contracts from opened trades and subtracting them from closed trades, an indicator to gauge market sentiment and the power of worth developments.
Blended Sentiment Amongst Merchants
Regardless of the uptick in open curiosity, Bitcoin merchants stay annoyed with the cryptocurrency’s worth developments, particularly the shortcoming to interrupt previous the $30,500 mark over the previous month. This sentiment has been exacerbated by the continuing delays and pending critiques of a number of spot Bitcoin exchange-traded funds (ETFs) by regulators.
Bitcoin’s price is at the moment $29,024.97, with a market cap of $564,802,228,909 and a 24-hour buying and selling quantity of $14,098,065,712. It has a circulating provide of 19,459,181 BTC cash, with a most provide of 21,000,000 BTC cash. The current market circumstances recommend an absence of momentum for buying and selling at or above the $31,000 stage, which has left buyers with blended emotions.
BTC/USD worth chart, Supply: CoinMarketCap
Analysts have famous bearish developments on the value charts, which have left buyers pessimistic. The worth motion is forming a sample favorable for sellers, as it’s topping out and consolidating close to trendline assist. If the BTC worth breaches this assist and trades under this zone, sellers could achieve management and probably drive the value under the $20,000 mark, as indicated by the formation of a double-top sample.
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