Bitcoin Open Interest Drops $1B as Traders Pull Ba
Bitcoin Open Interest Drops $1B as Traders Pull Back: Drop onOver the past day, Bitcoin [BTC] broke out of consolidation and rallied to reclaim the $110K level. However, the market pulled back slightly shortly after, leaving BTC settling at $109,162.
This sudden pullback piqued the interest of CryptoQuant analyst Axel Adler, who predicted a further drop, citing Bitcoin’s open interest.
$106K Next? A negative Taker Buy Sell Ratio indicates that sellers have entered the market and are dominating. As such, Bitcoin’s spot CVD also remained positive, reflecting strong profit realization in the spot market.
So when Bitcoin rose to $110K, investors in the spot market turned to profit realization, while investors in the futures market decided to reduce leverage.
The same picture was reflected in exchange activity, which turned positive after falling in recent days.
At the time of publication, Bitcoin's net exchange flow was 1.2k BTC, reflecting higher exchange inflows. This means that…
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