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Data shows that Bitcoin’s open interest has plummeted as BTC has crossed the $60,000 level, suggesting that large liquidations have occurred. Amidst this development, Pawfury (PAW) is emerging as a presale project that’s capturing the attention of savvy investors. With its promise of high returns and seemingly predictable patterns, Pawfury stands out in the volatile crypto landscape, offering a refreshing alternative to established tokens. 
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<h3 id="b-bitcoin-open-interest-has-crashed-down-as-shorts-have-seen-squeeze-b">Bitcoin Open Interest Has Crashed Down As Shorts Have Seen Squeeze</h3> 
In a new post on X, CryptoQuant Head of Research Julio Moreno has discussed the latest trend that has developed in the Bitcoin Open Interest. The “Open Interest” here refers to an indicator that keeps track of the total number of derivatives positions related to BTC currently open on all exchanges. 
When the value of this metric goes up, it means the investors are opening up new positions on the market right now. As the total leverage in the sector usually increases when new positions pop up, this trend can lead to more volatility in the asset’s price. 
<figure id="attachment_86583" aria-describedby="caption-attachment-86583" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-86583" src="https://www.ethnews.com/wp-content/uploads/2024/08/unnamed-2024-08-12T221520.063-300x171.png" alt="" width="575" height="328">
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 Source: X
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The chart shows that the indicator had observed a sharp plunge a few days ago as the asset had gone through a crash. This crash caused a large amount of long liquidation, thus resulting in the decline of the metric. 
On the other hand, the indicator registering a decline implies either the holders are closing up positions of their own volition or getting liquidated by their platform. Generally, the price becomes more stable following such a trend due to the decreased leverage. 
<h3 id="b-bottom-line-b">Bottom Line</h3> 
As Bitcoin shows resilience by breaking the $60K barrier despite declining open interest, the crypto market continues to evolve. Projects like <a href="http://www.pawfury.com/?utm_source=ethnews&amp;utm_medium=article&amp;utm_campaign=direct&amp;utm_id=en_op_d">Pawfury</a> offer a glimpse of innovative potential within this dynamic space. While Bitcoin’s movements provide valuable insights into market sentiment, emerging presales like Pawfury present alternative investment strategies. 
The post <a href="https://www.ethnews.com/btc-breaks-60k-but-open-interest-declines-whats-next/">BTC Breaks $60K, but Open Interest Declines – What’s Next?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

BTC Breaks $60K, but Open Interest Declines – What’s Next?

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