The bitcoin (BTC) market is experiencing intense activity this week, both in the derivatives area and in direct trading known as spot.
According to information from the analysis firm Glassnode, the open interest (OI) of bitcoin futures increased from 36.2 billion to 38.6 billion dollars (USD) between Monday and Tuesday, representing an increase of USD 2.4 billion in less than 36 hours.
This marks the highest level of open interest since late March, indicating a more aggressive positioning by derivatives traders.
Open interest reflects the number of active futures contracts, instruments that allow traders to speculate whether the price will go up or down for a specific date. When this indicator increases, it is generally interpreted as a sign that new participants are entering the market or that existing ones are reinforcing their positions.
In this context, the increase in OI, as occurred this week, may signal greater certainty in the price direction and a stronger upward trend. Its movement can be observed in the chart below.
At the same time that open interest (OI) increased, the spot trading volume of bitcoin nearly tripled, rising from USD 2.9 billion to USD 8 billion. This combination indicates a widespread influx of capital into the bitcoin market.
The spot trading volume of bitcoin, which can be seen in the following chart, refers to the recorded buying and selling volume.
The price of BTC has responded to this dynamic with an increase. It started the week surpassing the resistance of USD 87,000 and has continued to rise since then. By this Wednesday, BTC reached USD 94,000, a level that had not been observed in nearly two months.
This price behavior reflects that the increase in trading volume is being driven by higher demand.
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