{"id":549413,"date":"2023-08-30T23:00:37","date_gmt":"2023-08-30T23:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=549413"},"modified":"2024-06-11T07:04:08","modified_gmt":"2024-06-11T07:04:08","slug":"grayscale-bitcoin-open-interest","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/grayscale-bitcoin-open-interest\/","title":{"rendered":"Grayscale Victory Sends Bitcoin Open Interest Surging After Hitting One-Year Lows"},"content":{"rendered":"

Over the last couple of weeks, the Bitcoin open interest had been on a downtrend that sent it toward one-year lows. However, with the Grayscale victory against the SEC coming on Tuesday, August 29, and sending a positive wave across the entire region, open interest in the digital asset has begun to surge once more.<\/p>\n

Bitcoin Open Interest Pulls A Quick Reversal<\/h2>\n

On-chain data tracking platform Kaiko reported on Tuesday, August 29, that the Bitcoin open interest<\/a> had been on the decline for a while. In the chart shared by the tracker, it is obvious that this BTC metric had previously fallen significantly since 2022.<\/p>\n

Related Reading: Is Vitalik Buterin Selling His ETH Stash? Let\u2019s Take A Look At His Transactions<\/a><\/div>\n
\n

\ud83e\udd14\ud83d\udcc8#BTC<\/a> open interest continued declining last week after the Aug 17 sell-off, hitting its lowest level since the collapse of Terra in May 2022.\ud83d\uddd3\ufe0f pic.twitter.com\/M5L07ReabY<\/a><\/p>\n

\u2014 Kaiko (@KaikoData) August 29, 2023<\/a><\/p><\/blockquote>\n

As August drew to a close, the open interest in the digital asset eventually declined to levels not seen since the Terra network collapse<\/a> back in May 2022. This suggested that it could be a good chance to get into Bitcoin and it would be proven true not too long after.<\/p>\n

On the same day, news broke that Grayscale<\/a> had triumphed over the United States Securities and Exchange Commission (SEC)<\/a> in court over its bid for its Spot Bitcoin ETF filing to be reconsidered. This triggered a rapid uptrend<\/a> in the price of the digital asset and the open interest followed suit.<\/p>\n

According to data from Coinglass, the Bitcoin open interest is seeing double-digit growth on some exchanges already. The open interest on the dYdX exchange is up over 35%, and the cumulative open interest across all exchanges is now in the green, rising 9.55% in the last 24 hours.<\/p>\n

\"Bitcoin<\/p>\n

Open interest recovers following Grayscale win | Source: Coinglass<\/a><\/pre>\n
Does This Mean BTC Will Continue The Uptrend?<\/h2>\n
For now, the price of Bitcoin is still purely driven by the hype from the Grayscale victory. This means that there is no telling how long the uptrend will last and when it will start correcting downward. However, as long as investors remain optimistic about the victory, BTC will continue to enjoy green days.<\/p>\n
Related Reading: XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline<\/a><\/div>\n
As for open interest, a recovery isn\u2019t always a good thing as it opens up an avenue for shorters<\/a> to enter the market. For example, a look at Keiko\u2019s chart shows open interest was high leading up to the FTX collapse in 2022. Then in early 2023 when the price of Bitcoin was rallying, open interest fell before picking up steam once more.<\/p>\n
For now, BTC is still enjoying the spike in attention. The price of the cryptocurrency is up 5.35% in the last 24 hours to trade at $27,349.<\/p>\n
\"Bitcoin<\/p>\n
BTC retraces after touching $28,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Unsplash, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Over the last couple of weeks, the Bitcoin open interest had been on a downtrend that sent it toward one-year lows. However, with the Grayscale victory against the SEC coming on Tuesday, August 29, and sending a positive wave across the entire region, open interest in the digital asset has begun to surge once more. Bitcoin Open Interest Pulls A Quick Reversal On-chain data tracking platform Kaiko reported on Tuesday, August 29, that the Bitcoin open interest had been on the decline for a while. In the chart shared by the tracker, it is obvious that this BTC metric had previously fallen significantly since 2022. Related Reading: Is Vitalik Buterin Selling His ETH Stash? Let\u2019s Take A Look At His Transactions \ud83e\udd14\ud83d\udcc8#BTC open interest continued declining last week after the Aug 17 sell-off, hitting its lowest level since the collapse of Terra in May 2022.\ud83d\uddd3\ufe0f pic.twitter.com\/M5L07ReabY \u2014 Kaiko (@KaikoData) August 29, 2023 As August drew to a close, the open interest in the digital asset eventually declined to levels not seen since the Terra network collapse back in May 2022. This suggested that it could be a good chance to get into Bitcoin and it would be proven true not too long after. On the same day, news broke that Grayscale had triumphed over the United States Securities and Exchange Commission (SEC) in court over its bid for its Spot Bitcoin ETF filing to be reconsidered. This triggered a rapid uptrend in the price of the digital asset and the open interest followed suit. According to data from Coinglass, the Bitcoin open interest is seeing double-digit growth on some exchanges already. The open interest on the dYdX exchange is up over 35%, and the cumulative open interest across all exchanges is now in the green, rising 9.55% in the last 24 hours. Open interest recovers following Grayscale win | Source: Coinglass Does This Mean BTC Will Continue The Uptrend? For now, the price of Bitcoin is still purely driven by the hype from the Grayscale victory. This means that there is no telling how long the uptrend will last and when it will start correcting downward. However, as long as investors remain optimistic about the victory, BTC will continue to enjoy green days. Related Reading: XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline As for open interest, a recovery isn\u2019t always a good thing as it opens up an avenue for shorters to enter the market. For example, a look at Keiko\u2019s chart shows open interest was high leading up to the FTX collapse in 2022. Then in early 2023 when the price of Bitcoin was rallying, open interest fell before picking up steam once more. For now, BTC is still enjoying the spike in attention. The price of the cryptocurrency is up 5.35% in the last 24 hours to trade at $27,349. BTC retraces after touching $28,000 | Source: BTCUSD on Tradingview.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":549424,"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":[428,656,84667,7523,89192,54146],"class_list":["post-549413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-open-interest","tag-grayscale","tag-grayscale-news","tag-open-interest"],"acf":[],"yoast_head":"\nGrayscale Victory Sends Bitcoin Open Interest Surging After Hitting One-Year Lows<\/title>\n<meta name=\"description\" content=\"With the Grayscale victory against the SEC coming on 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Grayscale Victory Sends Bitcoin Open Interest Surging After Hitting One-Year Lows","url":"http:\/\/wncen.com\/news\/grayscale-bitcoin-open-interest\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/grayscale-bitcoin-open-interest\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?fit=6000%2C4000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin open interest","grayscale","grayscale news","open interest"],"dateCreated":"2023-08-30T23:00:37Z","datePublished":"2023-08-30T23:00:37Z","dateModified":"2024-06-11T07:04:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Grayscale Victory Sends Bitcoin Open Interest Surging After Hitting One-Year Lows\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/grayscale-bitcoin-open-interest\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/grayscale-bitcoin-open-interest\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?fit=6000%2C4000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin open interest\",\"grayscale\",\"grayscale news\",\"open interest\"],\"dateCreated\":\"2023-08-30T23:00:37Z\",\"datePublished\":\"2023-08-30T23:00:37Z\",\"dateModified\":\"2024-06-11T07:04:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549413"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549413"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549424"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}