Bitcoin Open Interest Falls As Price Dips Below $31,000

The bitcoin open interest over the past several weeks has been interesting to witness. Surges and dips appeared and disappeared just as quickly, usually following the price of the digital asset itself. Last week was no different given the movement. The bitcoin denominated open interest had plunged after only hitting a new all-time high the previous weeks. This suggests a sharp turn in the sentiment of investors after the rollercoaster of the last week. Bitcoin Open Interest Down 25,000 Back at the beginning of June, Bitcoinist reported that a short squeeze may have been the reason behind the rally that saw bitcoin climb about $30,000 in the last days of May. This had been due to the fact that the open interest had risen drastically to a new all-time high of 307,189 BTC at this point. It was well-received in the market due to the fact that more investors were plunged back into profit but it seems the market is now retracing. Related Reading | U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend For the past week, the bitcoin denominated open interest had been on the decline. The result of this had been 25,000 BTC wiped off the market in the space of seven days. This saw a sharp crash in the open interest and like always, a similar movement had been recorded in the price of the digital asset. The decline brought the total open interest as of the close of market on Monday to 292,171 BTC. What followed was a decline i...