$BTW 24-hour contract open interest: -21.45%; price: +13.01%—open interest down, price up.
First, a note on the metric: open interest here is measured in coins, excluding the effect of price changes on its value. So increases and decreases reflect actual opening or closing of positions.
With prices rising as open interest falls, the move looks more like a rally driven mainly by short covering than by new longs entering the market. How far this kind of short squeeze can go depends on whether fresh capital comes in to keep it going.
What do you think happens next?
#BTW
First, a note on the metric: open interest here is measured in coins, excluding the effect of price changes on its value. So increases and decreases reflect actual opening or closing of positions.
With prices rising as open interest falls, the move looks more like a rally driven mainly by short covering than by new longs entering the market. How far this kind of short squeeze can go depends on whether fresh capital comes in to keep it going.
What do you think happens next?
#BTW