Grayscale Victory Sends Bitcoin Open Interest Surging After Hitting One-Year Lows
30 Agosto 2023 - 6:00PM
NEWSBTC
Over the last couple of weeks, the Bitcoin open interest had been
on a downtrend that sent it toward one-year lows. However, with the
Grayscale victory against the SEC coming on Tuesday, August 29, and
sending a positive wave across the entire region, open interest in
the digital asset has begun to surge once more. Bitcoin Open
Interest Pulls A Quick Reversal On-chain data tracking platform
Kaiko reported on Tuesday, August 29, that the Bitcoin open
interest had been on the decline for a while. In the chart shared
by the tracker, it is obvious that this BTC metric had previously
fallen significantly since 2022. Related Reading: Is Vitalik
Buterin Selling His ETH Stash? Let’s Take A Look At His
Transactions 🤔📈#BTC open interest continued declining last week
after the Aug 17 sell-off, hitting its lowest level since the
collapse of Terra in May 2022.🗓️ pic.twitter.com/M5L07ReabY — Kaiko
(@KaikoData) August 29, 2023 As August drew to a close, the open
interest in the digital asset eventually declined to levels not
seen since the Terra network collapse back in May 2022. This
suggested that it could be a good chance to get into Bitcoin and it
would be proven true not too long after. On the same day, news
broke that Grayscale had triumphed over the United States
Securities and Exchange Commission (SEC) in court over its bid for
its Spot Bitcoin ETF filing to be reconsidered. This triggered a
rapid uptrend in the price of the digital asset and the open
interest followed suit. According to data from Coinglass, the
Bitcoin open interest is seeing double-digit growth on some
exchanges already. The open interest on the dYdX exchange is up
over 35%, and the cumulative open interest across all exchanges is
now in the green, rising 9.55% in the last 24 hours. Open interest
recovers following Grayscale win | Source: Coinglass Does This Mean
BTC Will Continue The Uptrend? For now, the price of Bitcoin is
still purely driven by the hype from the Grayscale victory. This
means that there is no telling how long the uptrend will last and
when it will start correcting downward. However, as long as
investors remain optimistic about the victory, BTC will continue to
enjoy green days. Related Reading: XRP Price Faces Immense Sell
Pressure That Could Trigger 20% Decline As for open interest, a
recovery isn’t always a good thing as it opens up an avenue for
shorters to enter the market. For example, a look at Keiko’s chart
shows open interest was high leading up to the FTX collapse in
2022. Then in early 2023 when the price of Bitcoin was rallying,
open interest fell before picking up steam once more. For now, BTC
is still enjoying the spike in attention. The price of the
cryptocurrency is up 5.35% in the last 24 hours to trade at
$27,349. BTC retraces after touching $28,000 | Source: BTCUSD on
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