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In a move that indicates traders are seeking protection from risks, there is a huge Bitcoin futures activity currently. This is understandable in the current scenario as the volatility is quite high in the macro scene. However, it appears that there is a heightened sense of protection from potential risks from the crypto market. Meanwhile, Bitcoin (BTC) price continues to be stagnant around the $19,000 range despite a bear market situation.
Bitcoin Futures Open Interest Very High
The Bitcoin futures open interest is currently nearby its highest level. This means traders are extremely worried about their positions and hence want to secure assets against potential risks. According to crypto influencer Satoshi Stacker, the high open interest means people are preparing for a big Bitcoin move. This is despite very low volume of liquidations.
“Futures open interest is almost at its highest level. Open interest (OI) is the total number of futures contracts market participants hold at the end of the trading day. It means people are preparing for a big Bitcoin move!”
Long Term Holders Liquidating
Meanwhile, BTC price remains to be at a standstill between the $19,000 to $20,000 range. As of writing, BTC price stands at $19,231, up 1.49% in the last 24 hours, according to price tracking platform CoinMarketCap. Meanwhile, the long term holders have in recent times chose to liquidate crypto assets. According to Crypto Quant, the short term holders have stayed strong with their positions since June. However, it is the long term holders who have been bringing price down.
On the other side, miner profitability is decreasing as the difficulty is higher because of the increased hashrate. In cryptocurrencies, hashrate is the total computational power that is used by cryptocurrencies like Bitcoin to mine and process transactions. Currently, the Bitcoin hashrate is at its all time high, making it more difficult during the bear market.
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