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 (in USD value) allocated to open futures contracts.
• OI peaked in October 2022 with around 667,000 BTC allocated to open interest contracts.
• Currently, there are approximately 368,000 BTC allocated to OI contracts, and Bitcoin is down 300,000.
• Bitcoin price jumped from $19,000 to $26,000 while it deleveraged. This is very healthy.
• Over the past two weeks, OI has decreased by approximately 15%. He is now at a similar level in early 2022.
• For this trend to continue, OI must drop while physical Bitcoin accumulates.

Post Bitcoin looks very healthy – first appeared on CryptoSlate as open interest dropped by almost 15% over the past two weeks.