Long

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 <p class="paragraph">The cryptocurrency bull market continues to attract fresh capital from investors worldwide, trying to navigate this impressive rally.</p>
 <p class="paragraph">In this context, the global crypto open <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> reached an all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high on Sunday at $47.43 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>. Currently, the derivatives market has $44.56 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in opened trading contracts, according to <em>Coinalyze’s</em> data. These can be made of long or short positions, creating liquidity pools and increasing volatility.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="484" src="https://cdn.thebittimes.com/images/2024/03/05/043fe27635fa645dc09cb87c0a70dfec.webp" alt class="wp-image-158699" srcset="https://cdn.thebittimes.com/images/2024/03/05/043fe27635fa645dc09cb87c0a70dfec.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/043fe27635fa645dc09cb87c0a70dfec.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/043fe27635fa645dc09cb87c0a70dfec.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/043fe27635fa645dc09cb87c0a70dfec.webp 1536w, https://cdn.thebittimes.com/images/2024/03/05/043fe27635fa645dc09cb87c0a70dfec.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Aggregated open interest global [ALL]. Source: <em>Coinalyze</em>
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 <p class="paragraph">In particular, <em>Coinalyze</em>’s account on X reported an open <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> increase superior to $3 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in the last 24 <a rel="noopener noreferrer nofollow" title="hours" href="https://thebittimes.com/tag/hours.html">hours</a>. This remarkable surge follows the Bitcoin (BTC) rally from $61,000 to $67,000, aiming for the leading cryptocurrency’s all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high at $69,000.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">$3 billion in open interest has been added to the #crypto market over the last 24 hours. pic.twitter.com/8DOnqZsQIW</p>— Coinalyze (@coinalyzetool) March 4, 2024
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 </figure>
 <h2 class="wp-block-heading" id="h-2021-like-funding-rates-suggests-a-bullish-open-interest">2021-like funding rates suggests a bullish open interest</h2>
 <p class="paragraph">As Bitcoin moves to its all-time high, so does the funding rate surge to levels previously seen in 2021. Interestingly, a positive funding rate happens when the open interest is weighted towards long positions.&nbsp;</p>
 <p class="paragraph">As of writing, the aggregated funding rate reaches 2021’s levels at 0.0858, which suggests a majorly bullish sentiment for cryptocurrencies and, more specifically, for Bitcoin.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="544" src="https://cdn.thebittimes.com/images/2024/03/05/4d4fc5ecb0fc8963492543d3e1bb890b.webp" alt class="wp-image-158700" srcset="https://cdn.thebittimes.com/images/2024/03/05/4d4fc5ecb0fc8963492543d3e1bb890b.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/4d4fc5ecb0fc8963492543d3e1bb890b.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/4d4fc5ecb0fc8963492543d3e1bb890b.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/4d4fc5ecb0fc8963492543d3e1bb890b.webp 1536w, https://cdn.thebittimes.com/images/2024/03/05/4d4fc5ecb0fc8963492543d3e1bb890b.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Aggregated funding rate and Bitcoin weekly price chart Source: <em>Coinalyze</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="long-squeeze-liquidations-ahead-in-the-crypto-market">Long squeeze liquidations ahead in the crypto market</h2>
 <p class="paragraph">However, this imbalance created massive liquidity pools to the downside, made by traders’ liquidation prices due to opening longs. Therefore, BTC and most cryptocurrencies face the threat of an imminent long squeeze that could trigger a short-term drop.</p>
 <p class="paragraph">This scenario is easily observed on <em>CoinGlass</em>’s liquidation heatmap, with over $3 billion long liquidations at $50,000. Moreover, this price zone plays an important psychological resistance, increasing the odds of a retracement seeking these open interest targets.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="549" src="https://cdn.thebittimes.com/images/2024/03/05/c18bfeb0f57ff2d782fc601b0425711b.webp" alt class="wp-image-158701" srcset="https://cdn.thebittimes.com/images/2024/03/05/c18bfeb0f57ff2d782fc601b0425711b.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/c18bfeb0f57ff2d782fc601b0425711b.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/c18bfeb0f57ff2d782fc601b0425711b.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/c18bfeb0f57ff2d782fc601b0425711b.webp 1536w, https://cdn.thebittimes.com/images/2024/03/05/c18bfeb0f57ff2d782fc601b0425711b.webp 2044w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC liquidation heatmap, 1 month. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">In summary, the all-time high open interest indicates an increased capital inflow to the crypto market but comes with risks and a high cost. Such an inflow, heavily weighted to long positions, creates imbalances that smart traders and market makers can exploit.</p>
 <p class="paragraph">For Bitcoin, this could mean a retracement of around 25% from $67,000 to $50,000. On that note, this would be a historically common correction during bull runs. Thus, investors must trade cautiously and apply proper risk management when speculating with derivatives.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-open-interest-at-all-time-high-as-3-billion-added-in-24-hours-tbt81582.html">https://thebittimes.com/crypto-open-interest-at-all-time-high-as-3-billion-added-in-24-hours-tbt81582.html</a></p>

Crypto open interest at all-time high as $3 billion added in 24 hours

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