$BTC 77016 USD, down 1.29% in 24 hours; $ETH down 0.51%.
The drop isn't the point. The point is that open contract counts are rising during this pullback.
Across 79 completed 4-hour candles, from 10-21 to early this morning, the price fell from 82985 to 76791.
That's a 7.46% drop. Over the same period, open interest in contracts rose from 94404 to 98552, up 4.39%; notional open interest shrank by just 2.52%.
Contract counts rose while notional value fell. Those few percentage points of difference are entirely due to the lower price—not a real exodus from positions, and not people cutting losses at this level.
The last 6 candles saw 89.73 billion in trading volume, compared with just 42.59 billion in the previous 6.
Volume more than doubled, while contract counts rose only 3.46%—pure turnover.
Only a sustained hold above 77650 would fill in today's hole.
If 76444 breaks, the shorts adding to their positions will push the price down further.
Keep an eye on 76444.
Did you enter your long position above 78, or below 76?
Source: https://fapi.binance.com/fapi/v1/klines?symbol=BTCUSDT&interval=4h
The drop isn't the point. The point is that open contract counts are rising during this pullback.
Across 79 completed 4-hour candles, from 10-21 to early this morning, the price fell from 82985 to 76791.
That's a 7.46% drop. Over the same period, open interest in contracts rose from 94404 to 98552, up 4.39%; notional open interest shrank by just 2.52%.
Contract counts rose while notional value fell. Those few percentage points of difference are entirely due to the lower price—not a real exodus from positions, and not people cutting losses at this level.
The last 6 candles saw 89.73 billion in trading volume, compared with just 42.59 billion in the previous 6.
Volume more than doubled, while contract counts rose only 3.46%—pure turnover.
Only a sustained hold above 77650 would fill in today's hole.
If 76444 breaks, the shorts adding to their positions will push the price down further.
Keep an eye on 76444.
Did you enter your long position above 78, or below 76?
Source: https://fapi.binance.com/fapi/v1/klines?symbol=BTCUSDT&interval=4h
