Who Was Responsible for Bitcoin’s Recovery to $22,000, Per Open Interest

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Last Updated on July 16, 2022 by Bitfinsider

The open interest in bitcoin has dramatically increased during the last week. Given that the previous recovery had similarly followed a surge in open interest, it is not surprising. Most significantly, on July 8th, just before bitcoin made its spectacular recovery, open interest had reached a new record high.


According to the data, open interest reached a new high on that day at 352,722 BTC. As was to be predicted, this number swiftly decreased, not unlike from the moves that had preceded earlier rallies to new all-time highs. This, however, indicates that the recovery had reached $22,000 as a result of the surge to a new open interest ATH. More particular, it was the traders of derivatives that were responsible.

The offshore basis is a crucial fact that lends credence to the idea that derivatives traders were responsible for the rise. It had had a sharp dip in the same, with the CME falling to 1% by Friday from its prior 2.5 %. This came when the price of bitcoin began to decline after touching above $22,000.

Open interest in bitcoin is still quite high now. After the drop, it nevertheless held steady at 330,00 BTC. This places it at the highs reached on June 13th, which came after the increase to $23,000 last month.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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