Bitcoin: As Open Interest rises, this cohort takes note

The Recent Drop in bitcoin Price

Posted: November 27, 2023

bitcoin‘s Slide Below $37,000

bitcoin [BTC] recently slid further below the $37,000 region on the 26th of November. This was due to traders liquidating their assets, applying selling pressure on the king of cryptocurrencies.

Increase in Trading Volumes

Before the weekend began, the world’s largest digital asset touched $38,000, prompting traders to book profits. There was a marked increase in trading volumes, according to data from CoinMarketCap.

Bullish Leveraged Traders Feel the Pinch

The drop in price affected bullish leveraged traders, wiping out more than $76 million in BTC long positions from the market within 24 hours, as revealed by data from Coinglass.

CME Open Interest Hits New Peak

The bitcoin market had an overall positive outlook despite the drop in price. The Open Interest (OI) in BTC futures on the Chicago Mercantile Exchange (CME) soared to an all-time high of $4.4 billion. CME is now the largest bitcoin futures exchange in the world, overtaking Binance.

Whales Bullish on BTC?

Whale activity indicates a bullish sentiment for bitcoin, as whales were seen opening more longs compared to retail investors.

Is your portfolio green?

Check out the BTC Profit Calculator for information on your cryptocurrency investments.

Influence of Crypto Whales
Crypto whales, being experienced players in the market, have a significant impact on asset prices through their trading tactics. The market continues to show greed for bitcoin, leading to increased demand and buying pressure moving forward.

### News source:

See also  Shiba Inu (SHIB) Surges 5% as Bitcoin Holds Steady at $29K: Market Update

By Team