{"id":551808,"date":"2023-09-18T19:00:38","date_gmt":"2023-09-18T19:00:38","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=551808"},"modified":"2023-09-18T15:59:25","modified_gmt":"2023-09-18T15:59:25","slug":"bitcoin-open-interest-rises-btc-breaks-27000","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-open-interest-rises-btc-breaks-27000\/","title":{"rendered":"Bitcoin Open Interest Rises By $1.8 Billion As BTC Breaks $27,000"},"content":{"rendered":"

Data shows the Bitcoin Open Interest has shot up by $1.8 billion as the cryptocurrency’s price has broken the $27,000 level.<\/p>\n

Bitcoin Open Interest Has Exploded During The Past Day<\/h2>\n

The “Open Interest<\/a>” indicator keeps track of the total amount of Bitcoin futures contracts currently open on all derivative exchange platforms.<\/p>\n

When the value of this metric rises, it means that the investors are opening up new positions on the market right now. Generally, the cryptocurrency becomes more likely to display volatility when this happens, as new contracts usually imply an increase in the total leverage in the sector (“leverage” naturally being the loan amount holders can opt to take against their positions).<\/p>\n

On the other hand, the indicator going down implies that a net amount of contracts are either closing up or getting liquidated. The asset may become more calmer following such a trend.<\/p>\n

Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem<\/a><\/div>\n

Now, here is a chart from CoinGlass<\/a> that shows the trend in the Bitcoin Open Interest over the year 2023 so far:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has shot up over the past day | Source: CoinGlass<\/a><\/pre>\n
The above graph shows that the Bitcoin Open Interest has registered a rather sharp surge today. The main instigator behind this futures rush appears to be the surge in the cryptocurrency’s mark beyond the $27,000 level.<\/p>\n
Before this rise, the indicator had a value of $11.04 billion, but now it has hit the $12.81 billion mark, suggesting an increase of a whopping $1.77 billion (about 16%).<\/p>\n
This rapid growth in the Open Interest can naturally lead to the asset becoming more volatile, although it’s hard to say in what direction this volatility might appear.<\/p>\n
If this rise has come from shorts jumping in to bet against the asset, a further rise would result in their liquidation, thus fueling the price increase even further. If, however, the contracts being opened are long, then it may not end very well for the rally.<\/p>\n
The chart shows that the Open Interest had a similar spike back during the Grayscale rally<\/a> last month, but the longs that had opened then had ended up finding liquidation, as the price had returned to lower levels.<\/p>\n
The funding rate<\/a>, which measures the periodic fee that futures traders pay each other, may provide hints about whether the new positions are shorts or longs.<\/p>\n
\"Bitcoin<\/p>\n
The value of the metric seems to have been green in recent days | Source: CoinGlass<\/a><\/pre>\n
As is visible in the graph, the Bitcoin funding rate is positive currently, but it hasn’t changed much with the Open Interest rise, implying that long and short positions are spread more evenly in this increase.<\/p>\n
Related Reading: This Bitcoin Metric Continues To Retest Bear-Bull Junction, Will A Break Happen?<\/a><\/div>\n
It remains to be seen where the cryptocurrency goes in the coming few days and if the Open Interest surge will play any role.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had surged to $27,400 earlier in the day but has since retraced back to $27,200.<\/p>\n
\"Bitcoin<\/p>\n
BTC has surged during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Dmytro Demidko on Unsplash.com, charts from TradingView.com, CoinGlass.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the Bitcoin Open Interest has shot up by $1.8 billion as the cryptocurrency’s price has broken the $27,000 level. Bitcoin Open Interest Has Exploded During The Past Day The “Open Interest” indicator keeps track of the total amount of Bitcoin futures contracts currently open on all derivative exchange platforms. When the value of this metric rises, it means that the investors are opening up new positions on the market right now. Generally, the cryptocurrency becomes more likely to display volatility when this happens, as new contracts usually imply an increase in the total leverage in the sector (“leverage” naturally being the loan amount holders can opt to take against their positions). On the other hand, the indicator going down implies that a net amount of contracts are either closing up or getting liquidated. The asset may become more calmer following such a trend. Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem Now, here is a chart from CoinGlass that shows the trend in the Bitcoin Open Interest over the year 2023 so far: Looks like the value of the metric has shot up over the past day | Source: CoinGlass The above graph shows that the Bitcoin Open Interest has registered a rather sharp surge today. The main instigator behind this futures rush appears to be the surge in the cryptocurrency’s mark beyond the $27,000 level. Before this rise, the indicator had a value of $11.04 billion, but now it has hit the $12.81 billion mark, suggesting an increase of a whopping $1.77 billion (about 16%). This rapid growth in the Open Interest can naturally lead to the asset becoming more volatile, although it’s hard to say in what direction this volatility might appear. If this rise has come from shorts jumping in to bet against the asset, a further rise would result in their liquidation, thus fueling the price increase even further. If, however, the contracts being opened are long, then it may not end very well for the rally. The chart shows that the Open Interest had a similar spike back during the Grayscale rally last month, but the longs that had opened then had ended up finding liquidation, as the price had returned to lower levels. The funding rate, which measures the periodic fee that futures traders pay each other, may provide hints about whether the new positions are shorts or longs. The value of the metric seems to have been green in recent days | Source: CoinGlass As is visible in the graph, the Bitcoin funding rate is positive currently, but it hasn’t changed much with the Open Interest rise, implying that long and short positions are spread more evenly in this increase. Related Reading: This Bitcoin Metric Continues To Retest Bear-Bull Junction, Will A Break Happen? It remains to be seen where the cryptocurrency goes in the coming few days and if the Open Interest surge will play any role. BTC Price Bitcoin had surged to $27,400 earlier in the day but has since retraced back to $27,200. BTC has surged during the past day | Source: BTCUSD on TradingView Featured image from Dmytro Demidko on Unsplash.com, charts from TradingView.com, CoinGlass.com<\/p>\n","protected":false},"author":542,"featured_media":551822,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84667,6481,1119,1144],"class_list":["post-551808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-open-interest","tag-bitcoin-rally","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Open Interest Rises By $1.8 Billion As BTC Breaks $27,000<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin Open Interest has shot up by $1.8 billion as the cryptocurrency's price has broken the $27,000 level.\" \/>\n<meta name=\"robots\" content=\"index, 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/shenyangcang.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Open Interest Rises By $1.8 Billion As BTC Breaks $27,000","url":"http:\/\/shenyangcang.com\/news\/bitcoin-open-interest-rises-btc-breaks-27000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/bitcoin-open-interest-rises-btc-breaks-27000\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/09\/dmytro-demidko-eBWzFKahEaU-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/09\/dmytro-demidko-eBWzFKahEaU-unsplash.jpg?fit=6000%2C4000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin open interest","bitcoin rally","btc","btcusd"],"dateCreated":"2023-09-18T19:00:38Z","datePublished":"2023-09-18T19:00:38Z","dateModified":"2023-09-18T19:00:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Open Interest Rises By $1.8 Billion As BTC Breaks $27,000\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-open-interest-rises-btc-breaks-27000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-open-interest-rises-btc-breaks-27000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/dmytro-demidko-eBWzFKahEaU-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/dmytro-demidko-eBWzFKahEaU-unsplash.jpg?fit=6000%2C4000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin open interest\",\"bitcoin rally\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-18T19:00:38Z\",\"datePublished\":\"2023-09-18T19:00:38Z\",\"dateModified\":\"2023-09-18T19:00:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/09\/dmytro-demidko-eBWzFKahEaU-unsplash.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/551808"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=551808"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/551808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/551822"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=551808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=551808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=551808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}