Binance Open Interest in Bitcoin Records A Significant Decline!
According to the latest reports, both open interest and BTC price hit all-time highs as Bitcoin approaches the key target of 100,000. The surge in open interest was fueled by a sharp increase in leveraged positions as the star cryptocurrency soared rapidly. The 7-day percentage change in open interest reached ATH, reflecting a significant increase in leveraged positions. However, due to unsustainable growth in these positions, a market correction ensued and Bitcoin prices fell by 9%, resulting in the liquidation of leveraged positions. After this incident, the change in open interest on the 7th dropped sharply, approaching the low limit. Historically, markets have turned around in the short term when this indicator reaches its highest or lowest limits.
