The value of Bitcoin (BTC) has surged by an impressive 10%, even as the aggregate open interest (OI) on perpetual exchanges has shown a surprising decline. This current trend in the cryptocurrency market is stirring discussions among investors and analysts alike, challenging the conventional market wisdom. The aggregate OI is lower than when Bitcoin was trading at $25,000 and lower than its previous levels when Bitcoin’s value stood at the current price point. Despite the significant price rise, the lower open interest suggests a lack of new money entering the futures market, possibly indicating a cautious or bearish sentiment among traders. The post Bitcoin Price Surge Contradicts Lower Open Interest Trends appeared first on CoinGape.

Source: The Nation November 13, 2023 10:03 UTC