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Cryptocurrency News Articles
Bitcoin (BTC) Derivatives Open Interest Hits New Record High as BTC Price Nears $70K
Oct 21, 2024 at 01:12 pm
Open interest on Bitcoin derivatives reached a record high on Oct. 21, as BTC came close to breaching the $70,000 price point.
Bitcoin ( BTC ) derivatives open interest hit a record high on Oct. 21 as BTC came within touching distance of the $70,000 price point.
In a post on X on Oct. 21, CoinGlass reported that Open Interest (OI) on Bitcoin BTC $68,366 futures contracts reached a record high of $40.5 billion.
Open interest is the value or number of outstanding futures contracts that have yet to expire. It measures the amount of money invested in Bitcoin derivatives at any given time, where higher OI can potentially indicate more leverage and volatility in the system.
The Chicago Mercantile Exchange (CME) had the largest share of OI at 30.7%, followed by Binance with 20.4%, then Bybit with 15%.
Exchange BTC Futures Open Interest (USD). Source: CoinGlass
During periods of high OI, if prices move sharply, it can trigger cascading liquidations, which could force selling in the spot market in “flush outs” that result in sharp BTC price dumps.
The last such flush-out occurred in early August, when BTC prices dropped nearly 20%, or about $12,000, in less than two days, falling below $50,000.
The asset was flying high, reaching $69,380 in early trading on Oct. 21, according to TradingView. However, it was met with resistance and pulled back to trade at $69,033 at the time of publication.
BTC/USD 4-hour candle chart. Source: TradingView
According to CoinGecko, the asset is now just 6.4% away from its all-time high of $73,738.
Related: Crypto liquidations may be way worse than data has let on, suggest researchers
As previously reported by Cointelegraph on Oct. 20, if Bitcoin rallies above $70,000, it could supercharge altcoins like Ether ETH $2,718.50 and Solana SOL $167.19
Both assets are currently outperforming BTC in terms of daily gains, with Ether up 3.5% to trade above $2,750, while Solana gained 6% on the day, coming just short of $170 in early trading on Oct. 21. However, both assets have since pulled back slightly.
Magazine: Bitcoin $233K forecast, SEC X account hacker arrested, and more: Hodler’s Digest, Oct. 13 – 19
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