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Bitcoin Open Future Bets on Binance Increase by $600M, Suggest More Price Volatility
An increase in open interest alongside a rise in price is said to confirm the uptrend.
What to know:
- The price of Bitcoin has increased by 2% to $87,800
- The jump was accompanied by a rise in future open interest on Binance, indicating potential sustainable gains.
- Funding rates have held positive, suggesting a bias for leveraged bullish bets and signaling incoming volatility.
The bitcoin (BTC) price has jumped 2% to $87,800 since midnight UTC. The increase has been accompanied by an uptick in future open interest on Binance, validating the buoyant market mood to signal sustainable gains.
The open interest in the BTC-USDT futures listed on the exchange has increased by roughly 7,000 BTC ($614.6 million) since the early Asian trading hours, according to data tracked by Coinglass and Velo Data. Open interest refers to the number of active, or open, contracts at a given time.
STORY CONTINUES BELOW
Furthermore, funding rates on Binance have held positive to suggest a bias for leveraged bullish (long) bets.
"This is a good sign, volatility is coming," Coinglass said, referring to the notable increase in open interest.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
