Data shows Bitcoin open interest has remained high despite the dramatic sell-off that occurred a few days back due to fud from the new COVID variant. Bitcoin Open Interest Remains High Following The Sell-Off As per the latest weekly report from Arcane Research, the BTC open interest hasn’t fallen much in the past few days. This is despite the recent sell-off triggered by fresh fud from the new Omicron COVID variant. The “open interest” is an indicator that measures the amount of Bitcoin derivative contracts open at the end of a trading day. High values of the metric can mean there is excessive leverage in the market. This could lead to higher volatility in the price of the cryptocurrency. On the other hand, low values of the open interest may lead to lesser volatility as there isn’t much leverage in the market. Now, here is a chart that shows the trend in the value of this Bitcoin indicator over the past year: Looks like the open interest has been very high recently | Source: The Arcane Research Weekly Update - Week 47 As you can see in the above graph, the value of the Bitcoin open interest has remained quite high recently, despite the crash. The metric has been trending down when measured in the USD, but it has remained above a certain level when denominated in BTC. Related Reading | Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles Currently, the Bitcoin open interest sits around...
