The Most Concentrated Betting Spot "107,000-108,000 Dollars"
Source=Coinglass
Bitcoin (BTC) futures market's open interest recorded about 72 billion dollars (approximately 100.4 trillion won), and an analysis suggests that Bitcoin's price could experience significant volatility.
On-chain analysis platform Glassnode revealed that Bitcoin futures market's open interest increased by about 8% in the past week. Open interest refers to the amount that can be used for transaction settlement in derivatives markets such as futures or options contracts. An increase in open interest can indicate a large-scale liquidation of specific positions in the futures market.
The largest Bitcoin futures open interest is from the Chicago Mercantile Exchange (CME) at 16.9 billion dollars and Binance at 12 billion dollars.
The price range with the most futures betting volume is between 107,000 and 108,000 dollars, with approximately 1.2 billion dollars (about 1.66 trillion won) bet in this range.
Cryptocurrency media Cointelegraph reported on the 21st that Bitcoin, which had challenged its all-time high several times, could successfully break its record based on the highest-ever open interest in the futures market. In fact, Bitcoin broke through the 107,000 dollar level several times on the 18th but failed to set a new all-time high. Bitcoin's previous high was 108,786 dollars, recorded on January 20th.
Seung-won Kwon, Reporter ksw@blockstreet.co.kr
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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