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Bitcoin OI jumped by fifth-largest amount in one day, pushed price over $30K
Bitcoin price was able to break the $30,000 resistance as the result of a massive surge in Bitcoin's open interest (OI).
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.
