Sign Up on MEXC
The futures monthly contract on CME saw the strongest declines in its history post-expiration on Friday.
While the price of the monthly contract for August closed ($11,350) around the opening ($11,630) itself. The high and lows of the futures contract on CME were $12,625 and $11,115. Apparently, the massive short position closing towards the end indicates profit-booking from positions.
Nevertheless, despite the steep drop in OI, the current Open Interest over $600 million is considerable given its’ historic trend. At the time of the 2019 top around $14,000, the OI was only around $370 million.
According to the report by Market Science, leveraged funds account for the majority of trades on the platforms leading with a slight short composition. Moreover, non-reportable and other reportable positions fell slightly towards short inclination.
The net positioning of the market can be viewed in the chart below,
The futures contract is, nonetheless, is still in contango with prices of the successive increasing up to $375 for January 2022 contracts.
On non-regulated exchanges, the OI is surging as well with close to $1 billion each on BitMEX and Okex. The funding rate for the XBT perpetual contracts on Bitmex is 0.03% which gives room for bullish pressure as well.
Do you think the bears are tired or getting ready for another surge? Please share your views with us.
- Michael Saylor Credits Bitcoin for Strategy’s Outperformance Over ‘Mag 7’ Stocks
- XRP Overtakes Shopify, Verizon, Citigroup in Market Value as Price Eyes $6
- Altcoin Season Index Hits New High As ETH, SOL, DOGE, and XRP Rally
- ‘Huge Breakthrough,’ Peter Brandt Says as Dogecoin Reclaims $0.30 Ahead ETF Launch
- Bitcoin Bull Cycle Could Extend To 2026, Arthur Hayes Predicts
- Bitcoin Price Q4 Rally Looms as ETF Inflows Hit $642M—Analyst eyes $150K
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
