Data on the chain show that the Bitcoin spot market was not left during the last price rally, because the volume has registered a major increase.
Both Bitcoin Open Interest & Spot Volume have shot
In a new one after On X, the on-chain analysis company Glassnode discussed the latest trend in the Bitcoin Open Interest. The “open interest” refers to an indicator that keeps track of the total amount of derivatives positions with regard to BTC that are currently open at all fairs.
It seems that the recent push to recovery has led to an increase in speculative interest around the cryptocurrency, because the open interest has witnessed a remarkable increase.
“BTC Futures Open interest rose today from $ 36.2 billion on Monday to $ 38.6 billion, a +$ 2.4 billion increase in less than 36 hours,” notes the analysis company. This significant increase in the metric has received the attention of the community, but something that is less spoken about is that the other side of the market has also seen a boost in activity.
More specifically, the trade volume has been associated with the spot market lately observed a strong increase.
The “trade volume” is an indicator that measures the total amount of the cryptocurrency that becomes involved in trading activities at the centralized trade fairs. In the current case, only the trade volume is associated with the spot platforms important.
This part of the trade volume has risen from $ 2.9 billion to $ 8 billion, suggesting that spotactivity has tripled almost less than 36 hours. “This shows a simultaneous inflow of capital on the spot market next to the OI peak,” says Glassnode.
In general, rallies that are built on a high speculative interest rate, usually unstable, because the underlying lifting tree positions can be susceptible to simple liquidation.
Although the rise in open interest can be bad for the current recovery run for this reason, the fact that the spot trade volume has also been shot at the same time can be a more optimistic sign.
Rallies require that constant fuel is durable, which is in the form of an increase in trade volume. Runs that do not collect the attention of the spot market tend not to last. With both the open interest and the spot trade volume at the moment, it is still to be seen how Bitcoin would prove to be in the coming days.
BTC price
Bitcoin continued to add its recovery in the last day, because the price of the active one has now succeeded in touching the level of $ 91,000.