Bitcoin Open Interest Hits New High As BTC Tops $75,000

Bitcoin’s Open Interest (OI) surged to a record high as its price climbed to $75,000, with some analysts forecasting further gains. Bitcoin’s OI — which measures the total number of outstanding Bitcoin derivative contracts, such as options and futures — reached $45.4 billion, marking a 13.3% increase since Nov. 5 when Bitcoin broke past its previous high of $73,800 set in March, according to CoinGlass data. OI rises when more new contracts are opened than closed, whether from long positions by buyers or short positions by sellers. Traders seem optimistic that Bitcoin’s price won’t fall back to its previous high

Source: CryptoIntelligence