{"id":575806,"date":"2024-02-19T17:00:48","date_gmt":"2024-02-19T17:00:48","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=575806"},"modified":"2024-06-11T08:31:00","modified_gmt":"2024-06-11T08:31:00","slug":"bitcoin-open-interest-69000-ath","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-open-interest-69000-ath\/","title":{"rendered":"Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price"},"content":{"rendered":"

The Bitcoin open interest has been on the rise over the last few weeks as the price has climbed continuously. This sustained rise in the open interest is a reflection of the heightened interest in the cryptocurrency since the United States Securities and Exchange Commission (SEC) approved Spot Bitcoin ETFs<\/a> for trading. The BTC<\/a> open interest has now climbed to historical levels, reaching 2021 all-time high levels.<\/p>\n

Bitcoin Open Interest At 2021 Levels<\/h2>\n

According to data<\/a> from Coinglass, the Bitcoin open interest has risen to more than $24 billion. This growth represents around a 50% jump in the open interest since the year 2024 began. But more importantly, the open interest has risen to levels not seen since 2021.<\/p>\n

Related Reading: 4 Surprising Insights From Coinbase\u2019s Earnings, COIN Sees Bullish Surge<\/a><\/div>\n

Looking at the open interest chart, the last time that the Bitcoin OI was this high was back in November 2021, when the cryptocurrency<\/a> reached its all-time high price of $69,000. This rise in the OI has been consistent across crypto exchanges, with CME, Binance, and ByBit leading the charge and commanding more than 50% of the open interest.<\/p>\n

\"Bitcoin<\/p>\n

Source: Coinglass<\/pre>\n
The continuous rise has also come with a rise in the greed levels among crypto investors. Currently, the Crypto Fear & Greed Index is sitting firmly in Greed, suggesting that crypto investors are in a place where they are willing to take more risks than usual.<\/p>\n
Implications For The BTC Price<\/h2>\n
With the Bitcoin open interest this high, it could end up being negative for the BTC price<\/a>. This is because past performances where the open interest has risen so rapidly have often ended in a market crash. The same was the case in 2021 when the Bitcoin OI had set its previous record.<\/p>\n
Related Reading: $400 XRP Price Point: Analyst Breaks Down The Future Surge Date<\/a><\/div>\n
In 2021, when the BTC price crossed $69,000 and the open interest crossed $22 billion, the euphoria was incredibly high as it is now. However, this would be short-lived, with a market crash happening shortly after. The BTC price would eventually go from $69,000 to $46,000 by December, dropping by almost 40% in the space of one month.<\/p>\n
If this same trend were to repeat itself in the current trend, then there could be a massive crash in the cards for Bitcoin. A similar decline would see Bitcoin fall back toward $41,000, which would wipe out the gains of the last few weeks.<\/p>\n
However, there are different factors at play in the current market, such as Spot Bitcoin ETF issuers<\/a> seeing massive interest in their exchange-traded products. Just last week, inflows into Spot BTC ETFs<\/a> reached a new record of $2.2 billion. So if these large institutions continue buying BTC to meet the demand of their customers, then the BTC price<\/a> could continue to rally.<\/p>\n
\"Bitcoin<\/p>\n
BTC bulls push price above $52,300 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Barron’s, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin open interest has been on the rise over the last few weeks as the price has climbed continuously. This sustained rise in the open interest is a reflection of the heightened interest in the cryptocurrency since the United States Securities and Exchange Commission (SEC) approved Spot Bitcoin ETFs for trading. The BTC open interest has now climbed to historical levels, reaching 2021 all-time high levels. Bitcoin Open Interest At 2021 Levels According to data from Coinglass, the Bitcoin open interest has risen to more than $24 billion. This growth represents around a 50% jump in the open interest since the year 2024 began. But more importantly, the open interest has risen to levels not seen since 2021. Related Reading: 4 Surprising Insights From Coinbase\u2019s Earnings, COIN Sees Bullish Surge Looking at the open interest chart, the last time that the Bitcoin OI was this high was back in November 2021, when the cryptocurrency reached its all-time high price of $69,000. This rise in the OI has been consistent across crypto exchanges, with CME, Binance, and ByBit leading the charge and commanding more than 50% of the open interest. Source: Coinglass The continuous rise has also come with a rise in the greed levels among crypto investors. Currently, the Crypto Fear & Greed Index is sitting firmly in Greed, suggesting that crypto investors are in a place where they are willing to take more risks than usual. Implications For The BTC Price With the Bitcoin open interest this high, it could end up being negative for the BTC price. This is because past performances where the open interest has risen so rapidly have often ended in a market crash. The same was the case in 2021 when the Bitcoin OI had set its previous record. Related Reading: $400 XRP Price Point: Analyst Breaks Down The Future Surge Date In 2021, when the BTC price crossed $69,000 and the open interest crossed $22 billion, the euphoria was incredibly high as it is now. However, this would be short-lived, with a market crash happening shortly after. The BTC price would eventually go from $69,000 to $46,000 by December, dropping by almost 40% in the space of one month. If this same trend were to repeat itself in the current trend, then there could be a massive crash in the cards for Bitcoin. A similar decline would see Bitcoin fall back toward $41,000, which would wipe out the gains of the last few weeks. However, there are different factors at play in the current market, such as Spot Bitcoin ETF issuers seeing massive interest in their exchange-traded products. Just last week, inflows into Spot BTC ETFs reached a new record of $2.2 billion. So if these large institutions continue buying BTC to meet the demand of their customers, then the BTC price could continue to rally. BTC bulls push price above $52,300 | Source: BTCUSD on Tradingview.com Featured image from Barron’s, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":575836,"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":[428,656,84667,679,1119,1122,1144,78790,54146,91675],"class_list":["post-575806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-open-interest","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-open-interest","tag-open-interest-bitcoin"],"acf":[],"yoast_head":"\nBitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price<\/title>\n<meta name=\"description\" content=\"The Bitcoin open interest has been on the rise over the last few weeks as the 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price","url":"http:\/\/www.ktsl888.com\/news\/bitcoin-open-interest-69000-ath\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/bitcoin-open-interest-69000-ath\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-Small.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-Small.jpeg?fit=320%2C240"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin open interest","bitcoin price","btc","btc price","btcusd","btcusdt","open interest","open interest bitcoin"],"dateCreated":"2024-02-19T17:00:48Z","datePublished":"2024-02-19T17:00:48Z","dateModified":"2024-06-11T08:31:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-open-interest-69000-ath\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-open-interest-69000-ath\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-Small.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-Small.jpeg?fit=320%2C240\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin open interest\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"btcusdt\",\"open interest\",\"open interest bitcoin\"],\"dateCreated\":\"2024-02-19T17:00:48Z\",\"datePublished\":\"2024-02-19T17:00:48Z\",\"dateModified\":\"2024-06-11T08:31:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/Bitcoin-Small.jpeg?fit=320%2C240","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/575806"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=575806"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/575806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/575836"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=575806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=575806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=575806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}