Bitcoin Gains 35% From August Low as Open Interest Falls 20%
Bitcoin has risen 35% from its August low, while Bitcoin-denominated open interest has fallen about 20%.Glassnode said on September 29 that Bitcoin's price had climbed 35% from its August low, but open interest declined about 20% over the same period.As a result, Bitcoin-denominated open interest fell to its lowest level since March.The divergence shows that even as Bitcoin's price has risen, open interest in the derivatives market has declined, signaling a split between the cryptocurrency's price and the size of leveraged positions.