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Home»Bitcoin»Bitcoin Open Interest Is Cooling: What This Means for BTC’s Future
Bitcoin

Bitcoin Open Interest Is Cooling: What This Means for BTC’s Future

2024-12-01No Comments3 Mins Read
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  • A look at why Bitcoin’s declining open interest could indicate lower demand for leverage.
  • Declining dominance indicates lower excitement for Bitcoin.

Bitcoin [BTC] has just ended the last week of November with a notable dip in Open Interest. While this reflects the recent slowdown in excitement surrounding the King Coin, it may also provide insights into demand.

A recent one CryptoQuant Analysis draws comparisons between Bitcoin’s open interest, appetite for leverage, and liquidations. In particular, the Open Interest peak and a euphoric rally resulted in heavy longs.

A long shakedown leveraged by Bitcoin?

This exposed Bitcoin to liquidations that were responsible for the pullback in the last week of November.

Consequently, BTC long liquidations peaked last Monday at $117.88 million, while the price fell below $93,000. This was the second highest level of liquidations in November.

BitcoinBitcoin

Source: Coinglass

Open Interest has since fallen over the past seven days. For context, the cryptocurrency had $60.17 billion in OI as of November 30, a significant drop from the $64.03 billion OI it achieved on November 22.

Nevertheless, the level of Open Interest was still high.

BitcoinBitcoin

Source: CryptoQuant

The number of liquidations has fallen significantly since then. The previously euphoric rally had prompted many derivatives traders to execute leveraged long positions.

This would explain the peak liquidations at the beginning of last week when the price unexpectedly pulled back.

The bearish outcome and liquidations also coincided with a significant decline in the estimated leverage ratio.

BitcoinBitcoin

Source: CryptoQuant

Is Bitcoin Losing Liquidity?

The dip in BTC’s Open Interest reflected its price action. Bitcoin retreated from its all-time high of $99,800 to last week’s low of $90,742. However, it has since recovered to a price tag of $96,532 per press.

See also  'Rare' signal flashes for Bitcoin as two macro factors in accordance with BTC, according to analyst

Despite the slight weekly recovery, some demand remained on the spot market. For example, Bitcoin ETFs were worth more than $320 million in the last 24 hours.

But despite this, it was clear that momentum was significantly weaker compared to the third week of November.

A possible explanation for the slower momentum could be declining Bitcoin dominance. The latter has been steadily rising since early 2024.

It reached a twelve-month peak of 61.53% on November 21, but has since fallen to 47%.

BitcoinBitcoin

Source: TradingView


Read Bitcoin’s [BTC] Price forecast 2024–2025


Last week’s dip in BTC’s dominance was the largest and most intense pullback it has experienced so far this year, confirming that its liquidity share has declined.

That’s why lower liquidity made its way to Bitcoin last week. This may be a sign that those who make a lot of profits are leaving BTC and investing in altcoins.

Next: Why POPCAT couldn’t maintain its 79% gain in November

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Bitcoin BTCs Cooling future Interest means open
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