Futures volume jumped, but open interest did not, and that gap tells you the rally has no new money behind it. 📊
CoinDesk reported on 2 November that crypto futures volume jumped 56 percent over 24 hours to 111.8 billion dollars, while open interest barely changed at 137.1 billion dollars, Bitcoin and Ether open interest stayed flat, and the three most traded Bitcoin options on Deribit were all puts. ⚠️ The altcoin season index at 46, down from 60 before the hack, says the same thing. My reading is that traders are churning positions and hedging downside, not opening fresh leveraged longs, which fits a fear reading of 37 and a market waiting for Tuesday, because real breakouts arrive with rising open interest, not just louder volume.
Is flat open interest a warning to stay small, or just traders waiting for Tuesday? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Derivatives
CoinDesk reported on 2 November that crypto futures volume jumped 56 percent over 24 hours to 111.8 billion dollars, while open interest barely changed at 137.1 billion dollars, Bitcoin and Ether open interest stayed flat, and the three most traded Bitcoin options on Deribit were all puts. ⚠️ The altcoin season index at 46, down from 60 before the hack, says the same thing. My reading is that traders are churning positions and hedging downside, not opening fresh leveraged longs, which fits a fear reading of 37 and a market waiting for Tuesday, because real breakouts arrive with rising open interest, not just louder volume.
Is flat open interest a warning to stay small, or just traders waiting for Tuesday? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Derivatives
