{"id":606690,"date":"2024-05-06T16:00:56","date_gmt":"2024-05-06T16:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=606690"},"modified":"2024-06-11T07:02:59","modified_gmt":"2024-06-11T07:02:59","slug":"bitcoin-open-interest-lowest-analyst-bearish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-open-interest-lowest-analyst-bearish\/","title":{"rendered":"Bitcoin Relative Open Interest Lowest Since Feb, Analyst Says “Hard To Be Bearish”"},"content":{"rendered":"

Data shows the Bitcoin Open Interest as a percentage of its market cap has been at lows recently, a sign the derivatives side has been healthy.<\/p>\n

Bitcoin Open Interest Is Now Less Than 2% Of The Market Cap<\/h2>\n

As explained by analyst James Van Straten in a new post<\/a> on X, the derivatives side of the market has looked “extremely healthy” while BTC’s latest recovery has occurred.<\/p>\n

The metric of interest here is the “Open Interest<\/a>,” which keeps track of the total amount of derivatives-based Bitcoin positions that are currently open on all centralized exchanges.<\/p>\n

Related Reading: XRP Forms On-Chain Signal That Led To 16% Crash Last Time<\/a><\/div>\n

When the value of this indicator goes up, it means that the investors are opening up more positions on the market right now. Generally, the total leverage in the market rises when such a trend takes place, so the price of the asset could end up turning more volatile following it.<\/p>\n

On the other hand, a decline in the metric suggests users are either closing up their positions of their own volition or getting forcibly liquidated by their platform. The cryptocurrency may behave in a more stable manner following such a decrease.<\/p>\n

Now, here here is a chart that shows the trend in the Bitcoin Open Interest over the past few years:<\/p>\n

\"Image\"<\/p>\n

The value of the metric seems to have been going down in recent days | Source: @jvs_btc on X<\/a><\/pre>\n
In the graph, the Open Interest is displayed as a percentage of the asset’s market cap (that is, the total valuation of the entire BTC circulating supply at the current spot price).<\/p>\n
It would appear that the indicator has registered a drawdown recently and has slipped under the 2% mark. This would suggest that the positions on the derivatives market now make up for less than 2% of the market cap.<\/p>\n
From the chart, it’s visible that the metric had earlier spiked to a high as the coin’s rally towards a new all-time high<\/a> had taken place. Interestingly, the market cap was rapidly going up in this rally, but this ratio was still trending up, implying that speculation had been growing at a rate faster than the price.<\/p>\n
This may have been a sign that the derivatives side was starting to become overheated. In the drawdown that had followed the price top, the investors had started getting liquidated, leading to the ratio registering a decline.<\/p>\n
Related Reading: Crypto Analyst Says Cardano \u201cReady For A Parabolic Bull Run,\u201d Here\u2019s Why<\/a><\/div>\n
The most recent price drop had helped reset the market further, bringing the ratio down to levels not seen since February. Bitcoin has been mounting a recovery effort<\/a> in the past few days, but so far, the derivatives market has remained cool. “Hard to be bearish here,” says the analyst.<\/p>\n
It now remains to be seen if the health of the market would continue to look optimistic in the coming days, thus potentially allowing for the recovery to go a step further.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had returned back above $65,500 earlier, but the asset has since seen a small pullback as it’s now down to $64,100.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has been heading up over the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the Bitcoin Open Interest as a percentage of its market cap has been at lows recently, a sign the derivatives side has been healthy. Bitcoin Open Interest Is Now Less Than 2% Of The Market Cap As explained by analyst James Van Straten in a new post on X, the derivatives side of the market has looked “extremely healthy” while BTC’s latest recovery has occurred. The metric of interest here is the “Open Interest,” which keeps track of the total amount of derivatives-based Bitcoin positions that are currently open on all centralized exchanges. Related Reading: XRP Forms On-Chain Signal That Led To 16% Crash Last Time When the value of this indicator goes up, it means that the investors are opening up more positions on the market right now. Generally, the total leverage in the market rises when such a trend takes place, so the price of the asset could end up turning more volatile following it. On the other hand, a decline in the metric suggests users are either closing up their positions of their own volition or getting forcibly liquidated by their platform. The cryptocurrency may behave in a more stable manner following such a decrease. Now, here here is a chart that shows the trend in the Bitcoin Open Interest over the past few years: The value of the metric seems to have been going down in recent days | Source: @jvs_btc on X In the graph, the Open Interest is displayed as a percentage of the asset’s market cap (that is, the total valuation of the entire BTC circulating supply at the current spot price). It would appear that the indicator has registered a drawdown recently and has slipped under the 2% mark. This would suggest that the positions on the derivatives market now make up for less than 2% of the market cap. From the chart, it’s visible that the metric had earlier spiked to a high as the coin’s rally towards a new all-time high had taken place. Interestingly, the market cap was rapidly going up in this rally, but this ratio was still trending up, implying that speculation had been growing at a rate faster than the price. This may have been a sign that the derivatives side was starting to become overheated. In the drawdown that had followed the price top, the investors had started getting liquidated, leading to the ratio registering a decline. Related Reading: Crypto Analyst Says Cardano \u201cReady For A Parabolic Bull Run,\u201d Here\u2019s Why The most recent price drop had helped reset the market further, bringing the ratio down to levels not seen since February. Bitcoin has been mounting a recovery effort in the past few days, but so far, the derivatives market has remained cool. “Hard to be bearish here,” says the analyst. It now remains to be seen if the health of the market would continue to look optimistic in the coming days, thus potentially allowing for the recovery to go a step further. BTC Price Bitcoin had returned back above $65,500 earlier, but the asset has since seen a small pullback as it’s now down to $64,100. Looks like the price of the asset has been heading up over the last few days | Source: BTCUSD on TradingView Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":606743,"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":[428,11680,517,84667,679,1119,1144],"class_list":["post-606690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-derivatives","tag-bitcoin-open-interest","tag-bitcoin-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Relative Open Interest Lowest Since Feb, Analyst Says "Hard To Be Bearish"<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin Open Interest as a 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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 Relative Open Interest Lowest Since Feb, Analyst Says “Hard To Be Bearish”","url":"http:\/\/wncen.com\/news\/bitcoin-open-interest-lowest-analyst-bearish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-open-interest-lowest-analyst-bearish\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash.jpg?fit=4240%2C2832"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin derivatives","bitcoin open interest","bitcoin price","btc","btcusd"],"dateCreated":"2024-05-06T16:00:56Z","datePublished":"2024-05-06T16:00:56Z","dateModified":"2024-06-11T07:02:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Relative Open Interest Lowest Since Feb, Analyst Says “Hard To Be Bearish”\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-open-interest-lowest-analyst-bearish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-open-interest-lowest-analyst-bearish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash.jpg?fit=4240%2C2832\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin derivatives\",\"bitcoin open interest\",\"bitcoin price\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-05-06T16:00:56Z\",\"datePublished\":\"2024-05-06T16:00:56Z\",\"dateModified\":\"2024-06-11T07:02:59Z\"}<\/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\/2024\/05\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash.jpg?fit=4240%2C2832","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606690","targetHints":{"allow":["GET"]}}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606690"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/606743"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}