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 Amidst the frustration of merchants and traders because of the worth stagnation, there was a noticeable improve within the open curiosity for Bitcoin’s futures contracts, probably pushed by heightened demand from institutional merchants. Despite the lackluster derivatives markets, Bitcoin Futures Contracts Open Interest reached new excessive on Bybit, with potential implications for the market’s sentiment, as per Glassnode. 

📈 #Bitcoin $BTC Futures Contracts Open Interest simply reached a 16-month excessive of $2,816,492,332.03 on #Bybit

Previous 16-month excessive of $2,815,891,040.41 was noticed on 14 August 2023

View metric:https://t.co/fFm13ZhEJc pic.twitter.com/7jLU0CED5f

— glassnode alerts (@glassnodealerts) August 16, 2023

A Surge in Bitcoin Futures Open Interest

Data from Glassnode reveals a major improve within the open curiosity of Bitcoin futures contracts, reaching a 16-month excessive of $2,816,492,332.03 on Bybit, surpassing the earlier excessive of $2,815,891,040.41 simply two days earlier. 

BTC Futures Contracts Open Interest on Bybit, Source: Glassnode

As per Coinglass, a cryptocurrency futures buying and selling & info platform, Bybit now ranks second in complete BTC futures open curiosity with 96.60K BTC, solely trailing behind Binance, which has 154.40K BTC. 

Open curiosity represents the variety of futures contracts market individuals maintain on the finish of the buying and selling day. It is calculated by including all contracts from opened trades and subtracting them from closed trades, an indicator to gauge market sentiment and the power of worth tendencies.

Mixed Sentiment Among Traders

Despite the uptick in open curiosity, Bitcoin merchants stay annoyed with the cryptocurrency’s worth tendencies, particularly the shortcoming to interrupt previous the $30,500 mark over the previous month. This sentiment has been exacerbated by the continuing delays and pending critiques of a number of spot Bitcoin exchange-traded funds (ETFs) by regulators. 

Bitcoin’s price is at present $29,024.97, with a market cap of $564,802,228,909 and a 24-hour buying and selling quantity of $14,098,065,712. It has a circulating provide of 19,459,181 BTC cash, with a most provide of 21,000,000 BTC cash. The current market circumstances recommend an absence of momentum for buying and selling at or above the $31,000 degree, which has left traders with combined emotions.

BTC/USD worth chart, Source: CoinMarketCap

Analysts have famous bearish tendencies on the worth charts, which have left traders pessimistic. The worth motion is forming a sample favorable for sellers, as it’s topping out and consolidating close to trendline help. If the BTC worth breaches this help and trades beneath this zone, sellers could achieve management and probably drive the worth beneath the $20,000 mark, as indicated by the formation of a double-top sample.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency area for two years now. Previously he co-founded Govt. of India supported startup InThinks and is at present Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has revealed greater than 100 articles on cryptocurrency and blockchain and has assisted a lot of ICO’s of their success. He has co-designed blockchain improvement industrial coaching and has hosted many interviews in previous. Follow him on Twitter at @sharmasunil8114 and attain out to him at sunil (at) coingape.com

The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.