{"id":517973,"date":"2023-01-30T13:30:38","date_gmt":"2023-01-30T13:30:38","guid":{"rendered":"https:\/\/wncen.com\/?p=517973"},"modified":"2024-06-11T10:43:30","modified_gmt":"2024-06-11T10:43:30","slug":"bitcoin-volatility-open-interest-registers-jump","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-volatility-open-interest-registers-jump\/","title":{"rendered":"Bitcoin Volatility Ahead? Open Interest Registers Sharp Jump"},"content":{"rendered":"

On-chain data shows Bitcoin’s open interest has sharply gone up recently, a sign that the crypto’s price may be heading toward more volatility.<\/p>\n

Bitcoin Open Interest Has Made A Huge Jump Of 8.3% Over Past Day<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, this increase in open interest is the largest observed during the past three months. The “open interest<\/a>” is an indicator that measures the total amount of Bitcoin futures contracts that are currently open on derivative exchanges. The metric accounts for both short and long contracts.<\/p>\n

When the value of this metric goes up, it means users are opening new positions on the futures market right now. As leverage usually goes up with investors opening new contracts, this kind of trend can lead to the price of the crypto becoming more volatile.<\/p>\n

On the other hand, decreasing values of the indicator imply investors are closing up their positions at the moment. Especially sharp drawdowns suggest mass liquidations have just taken place in the market.<\/p>\n

Naturally, when the open interest comes down to low enough values, the price tends to become more stable as there isn’t much leverage present anymore.<\/p>\n

Now, here is a chart that shows the trend in the daily percentage change of the Bitcoin open interest over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been quite high over the past day | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin open interest seems to have gone through a very large positive change recently. In this spike, the indicator’s value increased by $700 million, which represented a percentage change of 8.3%, the highest observed during the last three months.<\/p>\n
Related Reading: Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment<\/a><\/div>\n
This could signal that volatility may be coming soon for the crypto. However, it’s currently unclear in which direction this new volatility might end up taking the price in.<\/p>\n
From the chart, it’s apparent that earlier during the current Bitcoin rally<\/a>, the open interest saw a large spike (obviously smaller than the current one), and only a day later, a sharp negative spike was seen as Bitcoin’s price rapidly climbed.<\/p>\n
This means that the price increase then was fueled by a short squeeze<\/a>. A “squeeze” takes place when mass liquidations take place at once due to a sharp move in the price.<\/p>\n
Such liquidations only amplify the price move further, leading to even more positions being liquidated. In this way, liquidations can cascade together during a squeeze event. Squeezes are the reason why high open interest periods generally introduce more volatility to the price.<\/p>\n
It would appear that when the rally started, a large number of investors opened short positions, believing that the price increase wouldn’t last too long. But as their bet failed, their positions being liquidated only fueled the rally further.<\/p>\n
Related Reading: Bitcoin Exchange Outflows Reach Highest Value Since FTX Crash, Bullish?<\/a><\/div>\n
It now remains to be seen whether a similar event will also follow this open interest increase, or if a long squeeze will occur this time instead.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $23,100, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to consolidate | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Aleksi R\u00e4is\u00e4 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin’s open interest has sharply gone up recently, a sign that the crypto’s price may be heading toward more volatility. Bitcoin Open Interest Has Made A Huge Jump Of 8.3% Over Past Day As pointed out by an analyst in a CryptoQuant post, this increase in open interest is the largest observed during the past three months. The “open interest” is an indicator that measures the total amount of Bitcoin futures contracts that are currently open on derivative exchanges. The metric accounts for both short and long contracts. When the value of this metric goes up, it means users are opening new positions on the futures market right now. As leverage usually goes up with investors opening new contracts, this kind of trend can lead to the price of the crypto becoming more volatile. On the other hand, decreasing values of the indicator imply investors are closing up their positions at the moment. Especially sharp drawdowns suggest mass liquidations have just taken place in the market. Naturally, when the open interest comes down to low enough values, the price tends to become more stable as there isn’t much leverage present anymore. Now, here is a chart that shows the trend in the daily percentage change of the Bitcoin open interest over the last few months: Looks like the value of the metric has been quite high over the past day | Source: CryptoQuant As displayed in the above graph, the Bitcoin open interest seems to have gone through a very large positive change recently. In this spike, the indicator’s value increased by $700 million, which represented a percentage change of 8.3%, the highest observed during the last three months. Related Reading: Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment This could signal that volatility may be coming soon for the crypto. However, it’s currently unclear in which direction this new volatility might end up taking the price in. From the chart, it’s apparent that earlier during the current Bitcoin rally, the open interest saw a large spike (obviously smaller than the current one), and only a day later, a sharp negative spike was seen as Bitcoin’s price rapidly climbed. This means that the price increase then was fueled by a short squeeze. A “squeeze” takes place when mass liquidations take place at once due to a sharp move in the price. Such liquidations only amplify the price move further, leading to even more positions being liquidated. In this way, liquidations can cascade together during a squeeze event. Squeezes are the reason why high open interest periods generally introduce more volatility to the price. It would appear that when the rally started, a large number of investors opened short positions, believing that the price increase wouldn’t last too long. But as their bet failed, their positions being liquidated only fueled the rally further. Related Reading: Bitcoin Exchange Outflows Reach Highest Value Since FTX Crash, Bullish? It now remains to be seen whether a similar event will also follow this open interest increase, or if a long squeeze will occur this time instead. BTC Price At the time of writing, Bitcoin is trading around $23,100, up 1% in the last week. BTC continues to consolidate | Source: BTCUSD on TradingView Featured image from Aleksi R\u00e4is\u00e4 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":517978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84667,790,1119,1144],"class_list":["post-517973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-open-interest","tag-bitcoin-volatility","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Volatility Ahead? Open Interest Registers Sharp Jump<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin's open interest has sharply gone up recently, a sign that the crypto's price may be heading toward more volatility. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Volatility Ahead? 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