$BTC plunged from 80389 to 75525 in just four hours, with 4994 contracts cut along the way. What really stands out is that the money came back, but the price didn’t.
Thirty-three hours later, 4763 contracts had been restored, but the price was still 76019.
The contract count was 96380, up 2334 from the 94046 before the event. Yet notional open interest was only 7.313 billion, down 291 million from that day. The difference is all in the price.
It’s not about positions at all.
The cost basis for all these new positions is around 76,000. If the price drops another $1,000, they’ll all be in the red, and stop-loss orders will start filling one after another.
If it holds above 74810, things can grind on.
If it breaks below, they’ll be forced out. Keep an eye on both levels.
On $ETH , the contract count hit a new high for this move, yet notional open interest still shrank.
The money hasn’t left.
The price is what discounted it.
Are you adding or reducing contracts on your end?
Data source: Binance futures klines and openInterestHist, 60 four-hour candles, 59 completed. Screenshot taken the morning of 11-07 (UTC+8).
https://www.binance.com/zh-CN/futures/BTCUSDT
Thirty-three hours later, 4763 contracts had been restored, but the price was still 76019.
The contract count was 96380, up 2334 from the 94046 before the event. Yet notional open interest was only 7.313 billion, down 291 million from that day. The difference is all in the price.
It’s not about positions at all.
The cost basis for all these new positions is around 76,000. If the price drops another $1,000, they’ll all be in the red, and stop-loss orders will start filling one after another.
If it holds above 74810, things can grind on.
If it breaks below, they’ll be forced out. Keep an eye on both levels.
On $ETH , the contract count hit a new high for this move, yet notional open interest still shrank.
The money hasn’t left.
The price is what discounted it.
Are you adding or reducing contracts on your end?
Data source: Binance futures klines and openInterestHist, 60 four-hour candles, 59 completed. Screenshot taken the morning of 11-07 (UTC+8).
https://www.binance.com/zh-CN/futures/BTCUSDT
