$BTW 24-hour futures open interest: -17.59%; price: +35.82%—open interest is down while price is up.
First, a note on the metric: open interest here is measured in coins, excluding the impact of price changes on the value of positions. So increases or decreases reflect actual opening or closing of positions.
With prices rising while open interest falls, the move looks more like a short squeeze driven by short covering than a rally fueled by new long positions. How far this kind of squeeze can go depends on whether fresh capital steps in.
What signals would you look for before making a move?
#BTW
First, a note on the metric: open interest here is measured in coins, excluding the impact of price changes on the value of positions. So increases or decreases reflect actual opening or closing of positions.
With prices rising while open interest falls, the move looks more like a short squeeze driven by short covering than a rally fueled by new long positions. How far this kind of squeeze can go depends on whether fresh capital steps in.
What signals would you look for before making a move?
#BTW