As BTC’s price started to rise again, open interest began building up. Within a two-hour window, traders opened a net of 3000 BTC worth of futures positions on the Binance BTC-USDT pair. Moreover, a significant exchange deposit of $65.2 million USDT to Binance occurred, potentially indicating increased buying activity.
Such intense activity in open interest and futures positions could significantly affect Bitcoin’s price and overall market sentiment. The put to call ratio, which increased by 0.5 over the past few weeks, indicated a changing sentiment among traders. A rising ratio could suggest increasing hedging strategies or speculation on a potential price reversal.
Additionally, Bitcoin’s IV also grew. Elevated Bitcoin implied volatility has far-reaching consequences for the cryptocurrency. High IV could impact risk-averse traders negatively. However, traders with more risk appetite may see this as an opportunity for larger gains.Despite these fluctuations, retail investors seem unfazed. Glassnode data indicated that the number of addresses holding 0.1 coins has reached an all-time high of 4,491,905.
On the flipside, a high concentration of whale addresses holding BTC would make the network more centralized.
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