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The open interest in bitcoin's trade is a crucial metric to evaluate the current market feeling about digital asset, including possible price movements.
In theory, an increase in bitcoin <a target="_blank" href="https://www.coinbase.com/learn/advanced-trading/what-is-open-interest-in-crypto-trading#:~:text=Open%20Interest%20(OI)%20is%20a,in%20a%20specific%20cryptocurrency%20contract.” target=”_blank” rel=”nofollow”>open interest It suggests liquidity, which can also support a continuous price trend.
According to the latest Glassnode data, the bitcoin OI has dropped from $ 57 billion to $ 37 billion, or a loss of 35%, since the main digital asset in the world reached its historical maximum.
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Interestingly, bitcoin reached a historical maximum of $ 108,786 on January 20, the day when the president of the United States, Donald Trump, was inaugurated for a second mandate.
<a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin” target=”_blank” rel=”nofollow”>bitcoin It is quoted between $ 83k and $ 86k, more than 22% since its peak, at the time of writing.
bitcoin Open Interest and its possible impact on the price
Investors and holders use the open interest metric to assess the feeling and potential performance of the asset market.
A digital asset with an open interest drop means that merchants and investors are closing their positions due to uncertainties or lack of trust or are moving away from leverage operations.
<blockquote class="twitter-tweet”>
The open interest of futures has fallen from $ 57b to $ 37b (-35%) since <a target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin
– Glass node (@glassnode) <a target="_blank" href="https://twitter.com/glassnode/status/1902720369284268418?ref_src=twsrc%5Etfw” rel=”nofollow”>March 20, 2025
In Glassnode's analysis, the fall in the OI of bitcoin reflects a broader tendency to reduce activities and liquidities in the chain, where investors have less confidence in the asset.
The current state of bitcoin suggests that most investors are now looking for short -term operations to obtain rapid profits at the expense of long -term positions.
There is a change in positions – Glassnode
According to Glassnode, merchants and investors are now in cash and transport trade, with a weakening of long positions. He adds that CME futures and ETF outputs reflect a change in investor strategy and are also added to the sales pressure.
In addition, the availability of ETFs, which have less liquidity than future, can affect the short -term market volatility of Alpha crypto.
Data highlights the hot supply metric
Glassnode also highlighted the hot supply metric. This is another important metric that tracks bitcoin's holdings in a week or less.
According to the same twitter/x thread, the numbers have fallen from 5.9% of the total btc in circulation to 2.8%, reflecting a fall of more than 50% in the last three months.
The decrease in hot supply suggests that less new bitcoins are negotiated in the market, reducing the liquidity of the asset.
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Glassnode painted even more a gloomy image for bitcoin by explaining that exchange inputs have decreased from 58,600 bitcoins per day to 26,900 bitcoins, a 54%decrease.
This bitcoin trend suggests a weaker demand, since less active are moving to cryptographic exchanges.
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