Bitcoin looks extremely healthy – as Open Interest drops almost 15% in the past two weeks

Quick Take

• Futures Open Interest (OI) is the total amount of funds (USD Value) allocated in open futures contracts.
• The OI peaked in October 2022 — with roughly 667,000 BTC allocated in open interest contracts.
• Roughly there are now 368,000 BTC allocated in OI contracts — a decrease of 300,000 Bitcoin.
• Bitcoin has jumped in price from $19,000 to $26,000 while seeing leverage unwound. This is extremely healthy.
• In the past two weeks, we have seen roughly a decrease in OI by about 15% — now at similar levels in early 2022.
• For this trend to continue, OI must decline while spot Bitcoin accumulates.

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