#BitcoinOpenInterestFallsToTwoMonthLow BTC just rallied ~22% and the leverage came off. Open interest, measured in coins, is at a one-month low.
š Price went from ~$63.5K on average across Aug 12 to 18 to ~$77.7K on Aug 23.
š Coin-denominated open interest went the other way, from ~353,500 BTC over that pre-rally stretch to ~312,600 on Aug 23, down about 11%, the lowest in at least a month.
š The denominator hides it. In dollars, open interest rose about 8% over the same period, because price climbed faster than contracts came off. Only in coin terms does the deleveraging appear.
š§ That cuts against the āleverage-driven blow-offā read. Positions were liquidated into the move, and the rally extended on fewer of them, not more.
The price found new highs. The leverage did not follow.$BITO $BITCOIN $BITX.ETF
š Price went from ~$63.5K on average across Aug 12 to 18 to ~$77.7K on Aug 23.
š Coin-denominated open interest went the other way, from ~353,500 BTC over that pre-rally stretch to ~312,600 on Aug 23, down about 11%, the lowest in at least a month.
š The denominator hides it. In dollars, open interest rose about 8% over the same period, because price climbed faster than contracts came off. Only in coin terms does the deleveraging appear.
š§ That cuts against the āleverage-driven blow-offā read. Positions were liquidated into the move, and the rally extended on fewer of them, not more.
The price found new highs. The leverage did not follow.$BITO $BITCOIN $BITX.ETF
