Specialists of the analytical platform Cryptoquant said that over the past day they recorded significant growth in open interest (OI) in the first cryptocurrency.
The growth of open interest in Cryptoquant was explained by the increased activity of investors and traders in the derivatives market.
In November and December, the indicator grew by 16.4% and 15%, respectively. This was accompanied by an increase in bitcoin price by 10.2% and 7.3%, analysts recalled.
Last year, positive dynamics in the spot market intensified due to aggressive trading in the derivatives market. Now OI has grown by 17.4%, but the first cryptocurrency rose by only 4.2%:
The movement of a large volume of cryptocurrency over the network indicates approaching sharp fluctuations in the course – and they can be very significant. The period of lull in the Bitcoin market will end soon, Cryptoquant experts expressed confidence.
Earlier, representatives of the Singapore trading company QCP Capital said that Bitcoin’s narrative as a protective asset and a hedging tool for inflation again became relevant among large investors.
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Source: Cryptocurrency
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