Bitcoin’s Open Interest Surges to $2 Billion in Just 24 Hours: $110K Soon
Bitcoin’s recent price surge isn’t the only story – its open interest (OI) surged by $2 billion in the past 24 hours. This sharp increase indicates an increase in trading activity and increased investor interest in the leading cryptocurrency. Open interest reflects the number of active contracts in the Bitcoin futures and options market. Rising OI generally indicates rising expectations for volatility and greater participation. Despite the surge in funding rates, funding rates remain low, indicating a balanced market sentiment. With Bitcoin trading around $102,500, traders are waiting for clear direction. A break above the resistance could push Bitcoin to $110,000, but a pullback to $87,000 is also possible.
