Bitcoin Futures Open Interest Dips to a 5-Month Low Amid August Sell-Off
This contraction in futures activity is leaving traders and investors puzzled, particularly as the digital asset struggles to push past the $ 27,000 price point. advertisement Grayscale’s Win Sparks Glimmer of Hope While the overall trend may be gloomy, there was a ray of sunshine when Grayscale triumphed over the SEC on August 29, providing a morale boost across the market. Despite the ongoing struggles in the spot market, this regulatory win might signal a pivot in sentiment. Subsequently, the open interest in Bitcoin futures contracts began to creep upwards. The on-chain data tracking platform Kaiko reported that this key metric had declined for some time, even plummeting to levels last seen following the Terra network collapse in May 2022. Bitcoin Futures August | Source: Kaiko Traders and analysts closely monitor these fluctuations in futures open interest, seeing them as a crucial barometer of market sentiment. With Bitcoin price curre...
