Data: Bitcoin futures open interest drops significantly
According to ChainCatcher, the total open interest of Bitcoin futures contracts across the network is 640,840 BTC (approximately $68.47 billions), which is about 27.2% lower than the historical high of $94.12 billions. In addition, the total open interest of Ethereum futures contracts across the network is currently reported at $42.25 billions, nearly 40% lower than the historical high of $70.13 billions on August 23.
The simultaneous decline in market prices and open interest typically indicates that traders lack confidence in the current market direction, opting to stay on the sidelines or reduce leveraged positions. Once futures open interest rises, it usually brings significant market volatility.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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