Bitcoin Open Interest Surges To $17.04 Billion – What Could Possibly Go Wrong?
Well, well, well, look who’s back in the spotlight! It’s none other than our old friend Bitcoin and its open interest. And boy oh boy, is it making some waves in the crypto world. The open interest has skyrocketed to a mind-boggling $17.04 billion, reaching levels not seen since…well, let’s just say it’s been a while.
In the last 24 hours alone, this metric rose by a whopping 7.89% across all exchanges in the space. That’s right folks, we’re talking about a cumulative increase of 454,150 BTC worth an eye-watering $17.04 billion.
Now I know what you’re thinking – “What does this mean for Bitcoin?” Well my dear reader, that is the million-dollar question (or should I say billion-dollar question?). But fear not! We’ve got historical data on our side to help us navigate these treacherous waters.
The Good Ol’ Days of March 2022
p class = ” p2 “> According to the data presented on CoinGlass website ,the last time that Bitcoin open interest moved like this was back in March 2020 before Terra LUNA crash .This means that investors were still very much into bull run euphoria .As such,historical performance of BTC price could serve as guide to what might happen next with digital asset’s price.
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< h4 > A Blast From The Past </ h4 >
< p class = ” p6 “> Let’s take a trip down memory lane shall we? Back in March 2020,the Bitcoin open interest had surged from around38 ,000BTCto over44 ,000BTCin just one month.And guess what happened next ?You guessed it !The BTC price followed suit and shot up from$38 ,700toover$47 ,000before themonth was over .
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< h4 > Deja Vu All Over Again </ h4 >
< pre style = ” text-align : center ; “>BTCprice finds support at$37 ,400| Source :BTCUSDonTradingview.com
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< img loading = ” lazy ” decoding =” async”class =” aligncenter size-medium ”
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BTC Price Chart | Source: TradingView
The Crystal Ball Says…
So here we are again at a similar crossroads with history repeating itself like clockwork or Groundhog Day if you will (minus Bill Murray). If history is any indication of future performance (and let’s be real here – when has it ever failed us?), then brace yourselves for another surge in BTC price.
But hold your horses there cowboy/girl/non-binary pal! There’s also the possibility that things could go south real quick if this whole open interest thing peaks and starts heading downhill faster than an Olympic skier.
If April 2020 taught us anything (besides how to bake banana bread), it’s that once the open interest starts dropping like flies at a picnic, so does the BTC price.
So buckle up folks because we’re either headed for another moon landing or straight into bear territory faster than you can say “HODL.” Either way, grab your popcorn because things are about to get interesting!