Cryptocurrency analytics firm Alphractal has published a report expressing concerns about the state of Bitcoin's open interest, stating that it could pose a risk to the market. The report highlights the impressive growth of open interest in Bitcoin's futures market, which has surpassed $42 billion. However, Alphractal notes that the market is showing signs of cooling, similar to patterns observed in 2021. They emphasize that the $38 billion resistance level is a crucial hurdle for Bitcoin's short-term prospects, and that understanding institutional activity is essential for upward momentum. Alphractal warns that a decline in annual open interest delta could indicate a downtrend and highlights the need to monitor institutional interest for signs of market recovery.



Other News from Today