Bitcoin's open interest (OI) across numerous crypto derivatives exchanges has been seeing strong growth over the past few days, signaling that traders are entering the market with increased enthusiasm. Data from Coinalyze shows that OI has now reached a five-month high of 10 billion USD. Leverage has been brought under control since FTX's crash in November. Bitcoin price is currently hovering around $30,000, approximately the same level it achieved for the first time 10 months ago.

Woorton, a crypto-trading and liquidity provider firm, observed that Bitcoin (BTC)'s breakout happened against a positive sentiment prevailing among the global economy at large. The Nasdaq has also seen a 10% increased in the past 30 days. According to their spokesman, a bullish market mood is evident primarily due to BTC's technical break of $28.5k resistant levels, reclaiming the 2023 bullish trend line. Other metrics observed point in the same direction, such as open interests noted to have risen verticley, reflecting a larger participation from traders, fear and greed index at 61 and funding rates considered negative for BTC on many exchanges.

It should be noted that short-sellers have amplified their participation, but the long betters are likely doing with leverage that may unwind if there is an eventual reversal in the price. Over the past 24 hours, nearly $98 million worth of crypto derivatives positions have been liquidated. This occurred when volatility unexpectedly spiked, causing BTC to briefly dip below $30,000.



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