Bitcoin

April

Terra

Billion

The <a href="https://www.newsbtc.com/news/bitcoin/grayscale-bitcoin-open-interest/">Bitcoin open interest</a> can often be an indication of where the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-btc-price-in-november/">BTC price</a> might be headed next depending on whether or not the metric is rising or falling. This time around, the Bitcoin open interest has risen drastically, hitting 19-month highs in the process. Using historical data, it is possible to extrapolate what this means for the crypto’s price, especially as investors remain very bullish. 
<h2 class="p2" id="bitcoin-open-interest-surges-to-17-04-billion">Bitcoin Open Interest Surges To $17.04 Billion</h2> 
In an interesting turn of events, the <a href="https://www.newsbtc.com/news/bitcoin-open-interest-rises-btc-breaks-27000/">Bitcoin open interest</a> has been rising quickly across various exchanges. In the last 24 hours alone, this metric rose by a cumulative 7.89% across all exchanges in the space, bringing the total open interest to 454,150 BTC worth a staggering $17.04 billion. 
For now, most of the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-open-interest-hits-peak-since-ftx-crash/">Bitcoin open interest</a> is concentrated across the <a href="https://www.newsbtc.com/bitcoin-news/cme-overtakes-binance-in-bitcoin-futures-crypto-investments/">CME</a>, <a href="https://www.newsbtc.com/binance/binance-freezes-11-8-million-in-stolen-assets-following-kidnapping-incident-details/">Binance</a>, and <a href="https://www.newsbtc.com/bitcoin-news/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge/">ByBit</a> exchanges. But perhaps what is even more interesting is that these open interest levels represent a 19-month high. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-560959 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=460&amp;resize=460%2C257" alt="Bitcoin open interest" width="460" height="257" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=2948 2948w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=460&amp;resize=460%2C257 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Screenshot-2023-11-16-at-10.05.35.png?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
According to the data <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="nofollow">presented</a> on the CoinGlass website, the last time that the Bitcoin open interest moved in this fashion and to this high was back in March 2022, before the historical <a href="https://www.newsbtc.com/analysis/lunc/terra-classic-lunc-chances-of-revival/">Terra LUNA crash</a> that sent the market into a prolonged bear market stretch. 
This means that the last time that the <a href="https://www.newsbtc.com/news/bitcoin/grayscale-bitcoin-open-interest/">Bitcoin open interest</a> rose this much was during a time when investors were still very much in the throes of bull run euphoria. As such, the historical performance of the <a href="https://www.newsbtc.com/news/company/as-btc-price-is-moving-up-watch-out-for-more-potential-gains-in-sinu/">BTC price</a> back then in relation to the open interest could serve as a guide to what might happen to the digital asset’s price next. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/sXfaANJW/" alt="BTC price chart from Tradingview.com (Bitcoin open interest)" width="2650" height="1742"> 
<h2 class="p2" id="historical-data-says-btc-price-will-surge">Historical Data Says BTC Price Will Surge</h2> 
Similar to the current trend, the Bitcoin open interest had surged from around 38,000 BTC to over 44,000 BTC in the space of a month, and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-38k/">BTC price</a> followed quickly. This trend saw the price rise in March 2022 from $38,700 to over $47,000 before the month was over. 
Going by this historical performance and assuming Bitcoin sticks to this trend, the rally may be far from over. The <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-supersonic/">BTC price</a> is also sitting at a similar price point at $37,500 and a similar surge could bring its price toward $45,000 before the month is over. 
However, there is also the possibility that the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-open-interest-rsi-bear-divergence/">open interest could peak</a> at this level and begin to decline. Once this happens, then in the same fashion as in April 2022, the BTC price could begin to decline as the open interest drops. A similar crash would send the price back down toward $27,000.

Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect

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