Bitcoin (BTC) exchanges are getting a key “deleveraging event,” which should shape future gains, new research says.
In one of its “Quicktake” blog posts on March 17, onchain analytics platform CryptoQuant revealed a $10 billion capitulation on Bitcoin futures markets.
Bitcoin sees “essential” event for BTC price rebound
Bitcoin derivatives traders have flipped firmly risk-off since BTC/USD hit its current all-time highs in mid-January.
CryptoQuant, which uses data from various major crypto exchanges, calculates that aggregate open interest (OI) on futures fell by $10 billion in just three weeks from Feb. 20 through March 4.
“On January 17th, Bitcoin's open interest reached an all-time high of over $33B, i ..
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