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Cryptocurrency News Articles
Bitcoin Open Interest (OI) Remains Below All-Time High, Alphractal Counters Recent Claims
Oct 18, 2024 at 10:30 pm
Bitcoin open interest is a key indicator that refers to the total number of outstanding BTC futures or options contracts in the market.
Bitcoin (BTC) open interest (OI) has seen a lot of discussion recently, with some reporting that the metric has hit a new all-time high (ATH). However, Alphractal, an investment data analysis platform, has addressed these claims, stating that open interest in BTC is yet to reclaim its current peak.
Bitcoin Open Interest Still Below All-Time High
According to Alphractal, open interest in Bitcoin, the largest cryptocurrency asset, still lags behind its present all-time high, indicating that the market is still treading carefully.
Bitcoin open interest is a key indicator that refers to the total number of outstanding BTC futures or options contracts in the market. While this metric has seen significant growth during Bitcoin’s recent price recovery, it has yet to surpass its current peak, which was achieved in 2021.
The data analytics platform shared this update on the X (formerly Twitter) platform after observing a wave of analyses regarding BTC’s open interest hitting a new ATH. “We’ve seen a lot of analysis being shared about a new ATH in open interest. However, we highlight that this depends on how many exchanges are being analyzed,” the platform stated.
After conducting a broader survey of several major crypto exchanges, Alphractal claims that open interest in Bitcoin is still below its current peak. However, the metric is currently approaching that level, with the historical top being $42.25 billion and the present value being $41.92 billion, suggesting increasing sentiment among investors and traders as they continue to take a cautious approach.
Highlighting the 2021 cycle, the platform noted that the open interest during the period failed to sustain its uptrend after forming a double top. Alphractal attributes the recent surge in Bitcoin’s open interest, which was also observed in late 2021, primarily to the Chicago Mercantile Exchange (CME). In the event that the key metric does hit a new ATH, the platform has promised to share the news with the crypto community.
Is BTC Set for a Retest?
Currently, BTC is showing potential for a sustained uptrend after kicking off the week with a rebound, sparking optimism within the broader community for an upcoming rally. As BTC continues to make a healthy move, crypto expert and trader Rekt Capital has warned investors about a possible retest in the coming sessions.
Rekt Capital observed that BTC is now gradually approaching the Channel Top in preparation for an essential retest. “After all, Bitcoin has failed this retest every time over the past several months,” he added. According to the expert, this retest is critical for BTC as it will pave the way for higher prices in the near term, possibly to a new all-time high.
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- Rahul calls for real women empowerment
- Oct 19, 2024 at 02:15 am
- ct 18 (UNI) Leader of the Opposition in Lok Sabha Rahul Gandhi on Friday called for real empowerment of women and not mere token representation. He was addressing the meeting of ‘Shakti Abhiyan’, a movement launched by the Indira Fellowship for women empowerment in the country. Participants from 21 states, who were top performers in their respective fields, and who committed to tackling the deep challenges of patriarchy facing women at the grassroots level, participated in today’s deliberations. Addressing the meeting, Rahul emphasised that the struggle in politics today was not just against the traditional opposition parties, but a broader “ideological battle”. He said, "Our fight in politics today is not just for power, but also for representation and they are two sides of the same coin, not as different as some people think." Rahul lauded the bold efforts of the Shakti Abhiyan, which is providing space for women to lead, organize and reshape political discourse in their communities. Shakti Abhiyan, run by Indira Fellowship, is a national initiative aimed at ensuring equal representation of women in Indian politics. The demands of the Shakti Abhiyan include, “Equal Political Representation”, to ensure 50% representation of women in elected offices at all levels. The participants in the session shared their on-the-ground experiences and discussed the challenges of social resistance, lack of resources and patriarchy in the political framework. The national executive meeting of Shakti Abhiyan will continue for the next two days, in which future action strategies will be discussed to expand the movement and strengthen the political participation of women in India. UNI RBE BM