- Bitcoin (BTC) has risen 35% from its August low.
- Bitcoin-denominated open interest fell about 20% over the same period.
- As a result, Bitcoin-denominated open interest fell to its lowest level since March.
Forecast Trend Report by Period
Bitcoin has risen 35% from its August low, while Bitcoin-denominated open interest has fallen about 20%.
Glassnode said on Sept. 29 that Bitcoin’s price had climbed 35% from its August low, but BTC-denominated open interest fell about 20% over the same period.
As a result, Bitcoin-denominated open interest has dropped to its lowest level since March.
The divergence shows that even as Bitcoin’s price rose, open interest in the derivatives market declined, signaling a split between price gains and the size of leveraged positions.
