Despite a recent drop in the price of Bitcoin, the open interest in the cryptocurrency has remained high, indicating continued investor interest. The Bitcoin open interest, which measures all futures and options contracts open in the market, has stayed close to its all-time high of $36.87 billion, reaching $33.84 billion. This resilience in open interest is significant as it shows that investors are still actively investing in Bitcoin and taking positions, despite the price decline.
The recent price crash in Bitcoin has led to a significant number of traders being liquidated, with approximately 44,000 traders liquidated in the last 24 hours, totaling $111 million. The majority of liquidations occurred in the BTC and Ethereum markets, with notable liquidations also happening in Solana, PEPE, and Notcoin. The data shows a nearly equal balance between long and short positions being liquidated, but shorters have begun to lose more as the price starts to recover.
The largest liquidation order occurred in the BTCUSD pair on the Bybit exchange, where a trader was liquidated for $8.09 million. The majority of liquidations took place in the last 24 hours, resulting in $80 million lost. The Bitcoin price chart from Tradingview.com illustrates the drop below $65,000, reflecting the recent market volatility.
Overall, despite the price crash and liquidations, the high open interest in Bitcoin suggests that investors are still optimistic about the cryptocurrency’s future. The resilience of the open interest in the face of market fluctuations indicates a strong belief in the long-term potential of Bitcoin among investors. As the market continues to evolve, it will be interesting to see how open interest and investor sentiment towards Bitcoin develop in the coming weeks.
