, there was a surge in BTC’s Open Interest since the beginning of the year. This suggested that there have been numerous contracts open in a bid to profit from BTC’s price growth.
An increase in open interest indicated that more traders were entering the market and opening new positions at press time. This could be an indication of growing investor confidence in the market. It is also evidence of increased liquidity and volatility in the market. This was because more traders and more open positions typically lead to more buying and selling activity.Source: CoinGlassAn analysis of BTC’s on-chain activity showed that the number of sell-offs for the coin decreased since the start of the year. Thus, signaling a potentially positive trend for the digital asset’s value.
It is trite that when the supply of a crypto asset on exchanges decreases, it typically indicates that more coins are being held by traders and investors rather than being sold in the open market.showed. A positive funding rate indicates that traders who have taken long positions, believing the price of the crypto asset will rise, are in the majority.
This is because, in this case, short-position traders are required to pay these long-position traders, marking their dominance in the market.Subscribe to get it daily in your inbox.
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