Bitcoin trading tripled this week
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In addition to the spot volume, positioning in BTC futures has grown.
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The open interest in the futures market reached levels not seen in two months.
The Bitcoin (BTC) market is capturing intense activity this week, both in the derivatives segment and in direct trade called spot or cash.
According to data from the Glassnode analysis firm, Bitcoin’s open interest (OI) rose from 36.2 billion to 38.6 billion dollars (USD) from Monday to Tuesday, which represents an increase of USD 2.4 billion in less than 36 hours.
This marks the highest level of open interest since the end of March, which reveals a more aggressive positioning by derivative traders.
The open interest reflects the amount of future assets contracts, instruments that allow to bet on traders if the price will rise or fall for a certain date. When this indicator increases, it is usually interpreted as a sign that new participants are entering the market or that existing ones are reinforcing their positions.
In this sense, the increase in OI, as happened this week, can aim at a greater conviction in the direction of the price and a more solidity upward trend. Your movement can be seen below.
At the same time of the increase in OI, The Bitcoin spot commerce volume almost tripled, moving from USD 2.9 billion to USD 8,000 million. This combination indicates a generalized capital entrance to the Bitcoin market.
The Bitcoin Spot Commerce volume, which can be observed in the following graph, refers to the purchase and sale volume recorded.
The price of BTC has responded to this dynamic with an ascent. The week began exceeding the resistance of the USD 87,000 and has stayed on the rise since then. For this Wednesday, BTC reached USD 94,000, a level that has not been seen for almost two months.
This price behavior reflects that the growth of the volume of trade is being driven by greater demand.
There will be a decala of the commercial war, says US official.
Bitcoin’s rebound occurs in a context of changes in the macroeconomic and geopolitical sphere.
The United States Secretary of the Treasury, Scott Besent, said Tuesday that He expects a “de -scalled” in the commercial war between President Donald Trump and China “in the very close future”. In addition, conversations between the administration with other countries in search of agreements are advanced.
The same day, Trump clarified that he does not plan to say goodbye to Jerome Powell, the president of the Federal Reserve (Fed), as he had said the previous week. Although, he reiterated that he would like him to adopt a more active position to lower interest rates.
In addition to Bitcoin, the S&P 500 stock index (SPX), which brings together the 500 largest sought -after companies in the United States, also reacted up to this context. However, with this, he barely recovered the prices he closed last week, as seen below.
Currently, the SPX trades 13% below its historical maximum reached in February. BTC, meanwhile, is 11% below its record marked in January, which It positions it as an asset with better relative performance in the face of macroeconomic uncertainty.
“While it can still be premature to call Bitcoin a ‘safe’ refuge, its relatively moderate fall during the recent global risk events suggests that it is increasingly perceived as a ‘digital gold’ form,” said Min Jung, analyst of the present firm Resto Research.
This Bitcoin behavior occurs while gold marked at the beginning of this week a new price record above USD 3,500 per ounce, so it will be key how it continues to perform.
