Bitcoin open interest reaches record high… CryptoQuant “Beware of possibility of liquidation”

[블록미디어 박수용 에디터] Bitcoin (BTC) open interest (OI) on Binance, the world’s largest virtual asset (cryptocurrency) exchange, has reached an all-time high.

On the 6th, CryptoQuant, a virtual asset analysis platform, announced X (formerly Twitter). post“Binance’s open interest has reached a new high of $8.3 billion (approximately 11.616 trillion won),” it said. “Binance open interest has surged 10.24% over the past 24 hours and currently accounts for approximately 35% of global Bitcoin futures positions,” said CryptoQuant analyst Burak Kesmechi. This analyst said, “The open interest of all virtual asset exchanges reached $23.3 billion (approximately 32.634 trillion won).”

Table: Bitcoin open interest. Source = CryptoQuant

Analyst Kesmechi predicted, “The surge in open interest is a sign that market volatility may rise.” He explained, “When open interest increases rapidly, volatility soars, increasing pressure on both long (buy) and short (sell) positions,” and “thereby increasing the probability of liquidation occurring in the futures market.” Open interest refers to a contract that has not been settled in the futures market.

Media specialized in virtual assets Coinpedia“The current main liquidation standard for short positions is $76,126 (about 106.38 million won),” he said. “If the Bitcoin price rises above this, about $358.73 million (about 501.3 billion won) will be liquidated.” did it He continued, “The main liquidation standard for long positions is $73,387 (about 102.55 million won), and if the Bitcoin price falls below this, about $1.5 billion (about 2.0961 trillion won) will be liquidated.” “This liquidation data shows the current strong buying trend,” Coinglass explained. “Investors believe the asset price will not fall below $73,400 (approximately 102.52 million won).”

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