Bitcoin’s open interest—the total number of outstanding derivative contracts that have not been settled—has surged to levels not seen in over six months. Amid these high-interest levels, market analysts warn that Bitcoin may see a 20% price correction. Analysts Weigh In On Market Implications The surge in open interest has been linked to a substantial increase in derivatives market activity. Financial commentator Tedtalksmacro hinted at the potential market shifts, noting a significant addition to open interest, which could indicate impending “fireworks” in the market. Almost 10k BTC (~$350MM USD) in open interest added today. Fireworks soon. — tedtalksmacro (@tedtalksmacro) November 7, 2023 With more than $16 billion in open interest recorded currently, according to data from CoinGlass, the market is witnessing noticeable fluctuations that could spell out more significant changes in Bitcoin’s valuation. Related Reading: Crypto Forecast: Analyst Predicts ‘Santa Claus Squeeze’ May Deliver Year-End Gains So far, analysts are keenly observing these fluctuations, interpreting them as signals for future market movements. James Van Straten from CryptoSlate pointed out the record open interest in the CME exchange, often “p ..
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