Fun

Bitcoin Open Interest Crashes By $4.5 Billion In One Weekend, Spells Doom For Bulls

News Feed - 2025-02-04 03:02:37

Este artículo también está disponible en español.


Bitcoin open interestcrashed by billions in one weekend, painting a bearish outlook for the flagship crypto and spells doom for BTC bulls. Despite this setback, crypto analysts have provided some optimism with their analysis, which hints at a bullish reversal soon enough.  Bitcoin’s Open Interest Crashes By $4.5 Billion Over The Weekend


Coinglass datashows that Bitcoin’s open interest crashed by $4.5 billion over the weekend, dropping from $65 billion to $61.5 billion. This came following the liquidations that occurred due to the BTC price crash. Further data from Coinglass shows that over $2 billion has been wiped out from the Bitcoin market in the last 24 hours.  Related Reading Bitcoin Traders Turn Bearish Despite Price Recovery Above $97,000, Here Are The Numbers 2 weeks ago


Bitcoin bulls took the most hit, as $1.88 billion in long positions was liquidated during this period, leading to a crash in BTC’s open interest. This paints a bearish outlook for the flagship crypto and puts the bulls in danger as the bears look to be firmly in control. For context, Bitcoin dropped from above $100,000 to as low as $92,000 over the weekend. 


This Bitcoin price crash occurred after US President Donald Trumpannounced a 25% tariff on imports from Mexico and Canada and a 10% tariff on goods from China. Mexico and Canada have retaliated by imposing tariffs on goods from the US, while China has also hinted about imposing a tariff on US goods. 


Bitcoin’s open interest looks unlikely to recover in the short term as market participants could choose to stay out of the market due to economic uncertainty. This occurrence spells doom for Bitcoin bulls as the flagship crypto could drop lower if there are no buyers to defend BTC at these levels.  Some Positive For Bitcoin Amid Open Interest Crash 


In an X post, crypto analyst Ali Martinezrevealed that 65.75% of Binance traders with open Bitcoin futures positions are betting on the upside. This is bullish for the BTC price as these traders have a track record of being right most of the time. As such, the flagship crypto could rebound from its current price level.  BTC traders on Binance show interest toward an upside | Source: Ali Martinez on X


In an X post, crypto analyst Titan of Cryptostated that the broader trend for the Bitcoin price is still upward. This came as he revealed that BTC is establishing a new range between $104,400 and $93,600. The crypto analyst remarked that the short-term direction remains uncertain until this range breaks. However, in the long term, Titan of Crypto is confident that the broader trend is still upward.  Related Reading Bitcoin Price In Trouble? Bearish Divergence That Led To Market Crash Last Cycle Returns 2 days ago


Meanwhile, renowned author and finance expert Robert Kiyosakisuggested that this wasn’t a time to panic as this was an opportunity to buy Bitcoin on sale before it rallies further to the upside. 


At the time of writing, the Bitcoin price is trading at around $94,000, down over 6% in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $94,999 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com

News Feed

David Attlee12 hours agoCanadian police reported using Chainalysis Reactor to trace crypto crimesPolice now have the ability to trace blockchain transactions, identify suspects and determine where funds have been deposit
US Senator Cruz ‘Incredibly Bullish’ on Bitcoin — Says ‘I Have a Weekly Buy’
US Senator Cruz "Incredibly Bullish" on Bitcoin — Says "I Have a Weekly Buy" U.S. Senator Ted Cruz says he is “incredibly bullish” on bitcoin and purchases the cryp
Solana Forms Higher Low: Charging Toward Range Highs?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Massive Exodus of Bitcoin Continues to Leave Exchanges, Over 87,900 BTC Withdrawn in 30 Days
Massive Exodus of Bitcoin Continues to Leave Exchanges, Over 87,900 BTC Withdrawn in 30 Days Despite the bitcoin price high, there continues to be a massive exod
Burry on Banking Crisis, Kiyosaki Warns of ‘Fake Money’ Injections; Talk of ‘Anti-Crypto’ Agenda Behind Signature Bank Collapse — Week in Review
Burry on Banking Crisis, Kiyosaki Warns of "Fake Money" Injections; Talk of "Anti-Crypto" Agenda Behind Signature Bank Collapse — Week in Review Speculation and debate continue t
Martin Young4 hours agoDev platform Stack Overflow axes 28% of staff as AI competition growsThe technology Q&A forum has seen declines in web traffic since the launch of ChatGPT in 2022.847 Total views12 Total shares
Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution
Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution Historian and senior fellow with the Hoover Institution at Stanford University,
Tron Shows Real Growth: Transaction Volume Soars While Success Rate Stays Above 96%
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Gareth Jenkinson36 minutes agoDutch exchange Bitvavo cleared to operate in FranceThe Dutch cryptocurrency exchange Bitvavo is slowly expanding its reach after gaining regulatory approval in Austria and France.266 Total v
Biden signs ‘terrifying’ bill giving US agencies more spying power
Tom Mitchelhill3 hours agoBiden signs ‘terrifying’ bill giving US agencies more spying powerChampions of the controversial bill say it’s essential to counter-terrorism efforts, while critics claim it will wreak hav
Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto
Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto In a follow-up to Tanzanian President Samia Suluhu Hassan’s ca
The $750 Million Pre-Halloween Bitcoin Options Expiry Has Started to Spook Traders
The $750 Million Pre-Halloween Bitcoin Options Expiry Has Started to Spook Traders Even though cryptocurrency traders have been exuberant over the price rise, a