The bitcoin open interest over the past several weeks has been interesting to witness. Surges and dips appeared and disappeared just as quickly, usually following the price of the digital asset itself. Last week was no different given the movement. The bitcoin denominated open interest had plunged after only hitting a new all-time high the previous weeks. This suggests a sharp turn in the sentiment of investors after the rollercoaster of the last week.
Bitcoin Open Interest Down 25,000
Back at the beginning of June, Bitcoinist reported that a short squeeze may have been the reason behind the rally that saw bitcoin climb about $30,000 in the last days of May. This had been due to the fact that the open interest had risen drastically to a new all-time high of 307,189 BTC at this point. It was well-received in the market due to the fact that more investors were plunged back into profit but it seems the market is now retracing.
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