Bitcoin has been trending lower after failing to break above $66,000 in early May, deflating hopes of immediate price gains post-Halving. Taking to X, one analyst shared on-chain data that paints a more nuanced picture than a simple loss of confidence in recent weeks. Bitcoin Open Interest Remains Low: Bullish? The analyst, pointing to CryptoQuant data, observes that leveraged traders on perpetual trading platforms like Binance appear to be closing their positions more than opening new ones. The analyst notes that the reading is at -20% at the monthly change in Open Interest. At this level, it shows that more traders are closing more positions than opening new ones. This development suggests that most traders adopt a strategic wait-and-see, watching prices evolve. Related Reading: Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000? Despite the decrease in positions opening, it’s important to note that this is not a sign of BTC’s downfall or the invalidation of a potential surge. The analyst interpreted this contraction as a strategic move by traders, who are cauti ..
Support the originator by clicking the read the rest link below.
