$BTC rose 4.1% in two days while open interest fell 3.9%. A good part of this move was shorts closing.
Binance BTCUSDT perps, Nov 3 19:00 vs Nov 5 19:00 (UTC+7):
- Price: 77,068 to 80,253
- Open interest: 100,515 BTC to 96,611 BTC
- Funding: 0.0100% both times, the base rate
On Nov 3 I asked who opened the new BTC contracts on that red Monday. This data says a good part were shorts, and the move up forced them out.
$ETH looks different. ETH open interest went from 2.351M to 2.376M ETH, up 1.0%, while price climbed back above 2,400. Some new positions came in with that move.
A rally on falling OI can fade once the covering is done. A rally with rising OI and calm funding has new money behind it. Neither is a signal on its own.
NFA. Which move do you trust more right now, BTC's or ETH's?
$ETH
Binance BTCUSDT perps, Nov 3 19:00 vs Nov 5 19:00 (UTC+7):
- Price: 77,068 to 80,253
- Open interest: 100,515 BTC to 96,611 BTC
- Funding: 0.0100% both times, the base rate
On Nov 3 I asked who opened the new BTC contracts on that red Monday. This data says a good part were shorts, and the move up forced them out.
$ETH looks different. ETH open interest went from 2.351M to 2.376M ETH, up 1.0%, while price climbed back above 2,400. Some new positions came in with that move.
A rally on falling OI can fade once the covering is done. A rally with rising OI and calm funding has new money behind it. Neither is a signal on its own.
NFA. Which move do you trust more right now, BTC's or ETH's?
$ETH
