Bitcoin’s Open Interest Yet To Return To All-Time High, On-chain Firm Clarifies
Bitcoin’s Open Interest (OI) has been experiencing significant growth lately, with several experts reporting that the metric has surged to a new all-time high. However, Alphractal, an investment data analysis platform, has addressed the claims, noting that open interest in BTC is yet to reclaim its current peak.
Open Interest In Bitcoin Remains Below All-Time High
According to Alphractal, open interest in Bitcoin, the largest cryptocurrency asset, continues to lag behind its present all-time high level, indicating that the market is still cautious despite recent positive price movements.
Bitcoin open interest is a key indicator that refers to the total number of outstanding BTC futures or options contracts in the market. While this metric has seen notable growth during Bitcoin’s recent price recovery, it has yet to surpass its current peak, which was achieved in 2021.
The data analytics platform shared the update on the X (formerly Twitter) platform after citing a wave of analyses about BTC’s open interest reaching a new all-time high. “We’ve seen a lot of analysis being shared about a new ATH in open interest. However, we emphasize that this depends on how many exchanges are being analyzed,” the platform stated.
Alphractal claims that open interest in Bitcoin is still below its current peak after carrying out a broader investigation of multiple data crypto exchanges. Nonetheless, the metric is presently moving closer to the level, with the historical top situated at $42.25 billion, while the present value is $41.92 billion, suggesting rising sentiment among investors and traders as they continue to take a careful approach.
Drawing attention to the 2021 cycle, the platform highlighted that the open interest during the period failed to maintain its upside movement after creating a double top. Alphractal has attributed the recent increase in Bitcoin’s open interest, which was also observed at the end of 2021, mainly to the Chicago Mercantile Exchange (CME). Meanwhile, should the key metric indeed hit a new peak, the platform has vouched to share the information with the crypto community.
Is BTC Gearing Up For A Retest?
Presently, BTC is displaying potential for a sustained uptrend after experiencing a rebound at the beginning of the week, triggering optimism within the general community about an upcoming rally. Although BTC is maintaining a healthy movement, crypto expert and trader, Rekt Capital has warned investors about a possible retest in the upcoming days.
Rekt Capital noted that currently, Bitcoin is gradually approaching the Channel Top in preparation for a crucial retest. “After all, Bitcoin has failed this retest every time over the past several months,” he added. According to the expert, this retest is crucial for BTC as it will serve as a catalyst for higher prices in the near term, possibly to a new all-time high.
Featured image from Unsplash, chart from Tradingview.com
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