Bitcoin Rises 35% From August Low as Open Interest Drops 20%
Summary
- Bitcoin has risen 35% from its August low, while Bitcoin-denominated open interest has fallen 20%, according to the report.
- Bitcoin's price rose 35% from its August low, but Bitcoin-denominated open interest declined about 20%, Glassnode said.
- As a result, Bitcoin-denominated open interest fell to its lowest level since March, the report said.
Forecast Trend Report by Period
Bitcoin has climbed 35% from its August low, while Bitcoin-denominated open interest has fallen by about 20%.
Glassnode said on Sept. 29 that Bitcoin's price has risen 35% from its August low, but Bitcoin-denominated open interest has declined by about 20% over the same period.
That pushed Bitcoin-denominated open interest down to its lowest level since March.
The move shows a divergence between Bitcoin's price gains and leveraged positioning, with open interest in the derivatives market shrinking even as the token rallies.
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