$US 24-hour contract open interest +48.07%, price -33.63%—open interest is rising while price is falling.
First, a note on the methodology: open interest here is measured in coins, excluding the impact of price changes on the value of positions. So the change reflects actual opening or closing of positions.
New positions are being opened as prices fall. This likely means new shorts are actively pushing prices down, though it’s also possible that some longs are buying more as prices drop. For now, watch out for continued pressure from bears; but if short positions become too crowded, a sharp rebound could follow.
Cast your vote in the comments: up or down?
First, a note on the methodology: open interest here is measured in coins, excluding the impact of price changes on the value of positions. So the change reflects actual opening or closing of positions.
New positions are being opened as prices fall. This likely means new shorts are actively pushing prices down, though it’s also possible that some longs are buying more as prices drop. For now, watch out for continued pressure from bears; but if short positions become too crowded, a sharp rebound could follow.
Cast your vote in the comments: up or down?