Bitcoin Open Interest Surges by $2 Billion Post-FOMC Meeting
- Bitcoin open interest increased by $2 billion in one day, reaching $19.15 billion.
- The surge followed Bitcoin’s price rise to around $96,000 on May 7.
- This represents an 11.63% increase from the previous open interest of approximately $17.5 billion.
- Over 3 million Bitcoins returned to profitability as the price recovered from a low of $74,000.
- The realized cap of Bitcoin reached an all-time high of $889 billion.
The significant rise in Bitcoin open interest and price indicates increased market activity and confidence following the Federal Reserve’s decision to maintain interest rates. This has led to a substantial influx of capital into the Bitcoin futures market and improved profitability for holders.
Source (2.6)https://coingape.com/bitcoin-open-interest-jumps-2b-in-a-day-is-the-rally-sustainable/?rand=24432
