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Bitcoin OI jumped by fifth-largest amount in one day, pushed price over $30K

Data via Glassnode

Bitcoin price was able to break the $30,000 resistance as the result of a massive surge in Bitcoin's open interest (OI).

James Van Straten
Apr. 12, 2023 at 10:45 am UTC
1 min read
Updated: Apr. 12, 2023 at 10:38 am UTC

Quick Take

  • Rapid changes in FOI can affect liquidations and deleveraging events — which can have a knock-on effect on the price to the upside or downside.
  • The 1-day change of FOI shows the fifth-biggest change in the past year to the upside — resulting in a significant liquidation cascade of over $170 million.
  • While the estimated leverage ratio spiked higher to 0.24 from 0.21 — which is the ratio of open interest in futures contracts and the balance of corresponding exchange.
  • While we can see a growing dominance of perpetual contracts as the preferred instrument, with both OI dominance and volume increasing significantly.
Futures OI: (Source: Glassnode)
Futures OI: (Source: Glassnode)
Leverage: (Source: Glassnode)
Leverage: (Source: Glassnode)
Perpetual Futures Dominance: (Source: Glassnode)
Perpetual Futures Dominance: (Source: Glassnode)
Analyst View profile
James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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