Sub-$10K Bitcoin price caused $653M open interest drop, largest since March

Sub-$10K Bitcoin price caused $653M open interest drop, largest since March

Gate Trade News Saturday, September 5, 2020 35 1

Pro traders bullish sentiment softened after Bitcoin futures open interest fell in tandem with traditional markets which also recorded notable losses.

 

Bitcoin (BTC) futures open interest just had its most extensive daily reduction in five months. Yesterday's 11% drop move caused more liquidations than May 9 when BTC plunged 12.5% to $8,600.

 

Skew data shows total open interest down by $653 million, reaching $4 billion on Sept. 3. 

 

That figure includes perpetual (inverse swaps) and futures with set expiry on OKEx, CME, Binance, and remaining derivatives exchanges.