{"id":543320,"date":"2023-07-19T15:00:41","date_gmt":"2023-07-19T15:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=543320"},"modified":"2024-06-11T06:59:27","modified_gmt":"2024-06-11T06:59:27","slug":"bitcoin-broken-open-interest-pattern-quant-explains","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-broken-open-interest-pattern-quant-explains\/","title":{"rendered":"Bitcoin Has Broken This Open Interest Pattern, Quant Explains"},"content":{"rendered":"

A quant has explained how a pattern in the Bitcoin open interest that held during the past month now appears to be broken.<\/p>\n

Bitcoin Open Interest Is Now Moving Against The Price<\/h2>\n

As explained by an analyst in a CryptoQuant post<\/a>, the BTC price had earlier been rising along with increases in the open interest. The “open interest<\/a>” here refers to an indicator that measures the total amount of Bitcoin futures contracts that are currently open on all derivative exchanges.<\/p>\n

When the value of this metric goes up, it means that users are opening up more positions on the futures market right now. As leverage generally increases when this happens, the price of the asset may become more volatile following this trend.<\/p>\n

On the other hand, the value of the indicator decreasing suggests the users are either closing up their contracts of their own volition or are being liquidated<\/a> by their platforms currently. Such a trend may lead to the cryptocurrency’s price becoming more stable.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin open interest over the past few weeks:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin open interest has been steadily rising during the past few days. This suggests that investors have been slowly opening up more contracts on derivative exchanges.<\/p>\n
Related Reading: Signal With Perfect Track Record Predicts Bitcoin Bull Market Parabola: Analyst<\/a><\/div>\n
During the last month or so, whenever the open interest had risen, the price of the cryptocurrency had also registered an increase. The quant notes that this would imply that the bulls had been dominating the futures market in this period, as the open interest going up alongside the price implies that the increase in contracts had been coming from long contract holders<\/a>.<\/p>\n
This pattern had held up until the surge BTC had observed a few days back. This sharp increase in the price had ended up only being temporary, and as the price had plunged down, the longs had seen liquidation.<\/p>\n
As the longs had previously dominated the Bitcoin market, this decrease in the open interest was quite sharp, as is visible in the chart. The indicator didn’t take too long to rebound, however, as it initially sharply rose and then fell back to a trend of gradual growth. which has continued until today.<\/p>\n
Related Reading: Litecoin Whales Deposit Big To Exchanges, Bearish Sign?<\/a><\/div>\n
But as the price has in fact been going down in this same period, it would appear that the increase in the open interest is now being driven by the shorts. This would imply that a shift in the market may have occurred, as the open interest pattern that had previously held up now seems to be invalid.<\/p>\n
“Have the bears returned once again? In any case, it is advisable to exercise caution in the current area,” warns the quant.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,000, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has been struggling recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Blockchain.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A quant has explained how a pattern in the Bitcoin open interest that held during the past month now appears to be broken. Bitcoin Open Interest Is Now Moving Against The Price As explained by an analyst in a CryptoQuant post, the BTC price had earlier been rising along with increases in the open interest. The “open interest” here refers to an indicator that measures the total amount of Bitcoin futures contracts that are currently open on all derivative exchanges. When the value of this metric goes up, it means that users are opening up more positions on the futures market right now. As leverage generally increases when this happens, the price of the asset may become more volatile following this trend. On the other hand, the value of the indicator decreasing suggests the users are either closing up their contracts of their own volition or are being liquidated by their platforms currently. Such a trend may lead to the cryptocurrency’s price becoming more stable. Now, here is a chart that shows the trend in the Bitcoin open interest over the past few weeks: Looks like the value of the metric has been going up in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin open interest has been steadily rising during the past few days. This suggests that investors have been slowly opening up more contracts on derivative exchanges. Related Reading: Signal With Perfect Track Record Predicts Bitcoin Bull Market Parabola: Analyst During the last month or so, whenever the open interest had risen, the price of the cryptocurrency had also registered an increase. The quant notes that this would imply that the bulls had been dominating the futures market in this period, as the open interest going up alongside the price implies that the increase in contracts had been coming from long contract holders. This pattern had held up until the surge BTC had observed a few days back. This sharp increase in the price had ended up only being temporary, and as the price had plunged down, the longs had seen liquidation. As the longs had previously dominated the Bitcoin market, this decrease in the open interest was quite sharp, as is visible in the chart. The indicator didn’t take too long to rebound, however, as it initially sharply rose and then fell back to a trend of gradual growth. which has continued until today. Related Reading: Litecoin Whales Deposit Big To Exchanges, Bearish Sign? But as the price has in fact been going down in this same period, it would appear that the increase in the open interest is now being driven by the shorts. This would imply that a shift in the market may have occurred, as the open interest pattern that had previously held up now seems to be invalid. “Have the bears returned once again? In any case, it is advisable to exercise caution in the current area,” warns the quant. BTC Price At the time of writing, Bitcoin is trading around $30,000, down 2% in the last week. BTC has been struggling recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Blockchain.com<\/p>\n","protected":false},"author":542,"featured_media":543323,"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":[428,84667,88653,1119,1144],"class_list":["post-543320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-open-interest","tag-bitcoin-pattern","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Has Broken This Open Interest Pattern, Quant Explains<\/title>\n<meta name=\"description\" content=\"A quant has explained how a pattern in the Bitcoin open interest that has held during the past month now appears to be broken.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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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 Has Broken This Open Interest Pattern, Quant Explains","url":"http:\/\/wncen.com\/news\/bitcoin-broken-open-interest-pattern-quant-explains\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-broken-open-interest-pattern-quant-explains\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1367449613-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1367449613-2.jpg?fit=2121%2C1414"},"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 open interest","bitcoin pattern","btc","btcusd"],"dateCreated":"2023-07-19T15:00:41Z","datePublished":"2023-07-19T15:00:41Z","dateModified":"2024-06-11T06:59:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Has Broken This Open Interest Pattern, Quant Explains\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-broken-open-interest-pattern-quant-explains\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-broken-open-interest-pattern-quant-explains\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1367449613-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1367449613-2.jpg?fit=2121%2C1414\"},\"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 open interest\",\"bitcoin pattern\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-07-19T15:00:41Z\",\"datePublished\":\"2023-07-19T15:00:41Z\",\"dateModified\":\"2024-06-11T06:59:27Z\"}<\/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\/07\/iStock-1367449613-2.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543320"}],"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=543320"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/543323"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=543320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=543320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=543320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}