Recent data from Skew shows that open interest in Bitcoin (BTC) has increased on the crypto currency trading platform, Bybit, reaching a new high of USD 434 million on July 14 for the combined Tether (USDT) and USD pairs.
A suspicious company predicts a large drop in the price of ChainlinkBTC
The interest opened by other cryptomontages like EOS, Ether (ETH) and XRP has also increased in Bybit. Open interest is the value locked into a derivative contract whether it is a future or an option, and allows its investors to measure the money flows into and out of these contracts.
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Interestingly, Bybit seems to go against the grain when it comes to adding open interest, as the Bitcoin futures metric has remained fairly stable over the past month, as has the price of Bitcoin itself.
According to Ben Zhou, co-founder and CEO of Bybit, the increase in open interest could be related to the growth in the number of users. He told Cointelegraph:
“When there is volatility in the market, there are peaks in volume. However, when more users enter the market, open interest would naturally increase. Recently, we have seen more users sign up and I think this is a clear indicator that a bull market is upon us.
The price of Bitcoin is still “hibernating”
The Bitcoin price has seen very little action over the last month as the spot market and derivatives trading volume fell to their annual lows in June. Meanwhile, several tokens in the DeFi space such as Chainlink (LINK), Compound (COMP) and Aave (LEND) continue to outperform Bitcoin.
Bitcoin’s price must now “jump back to $9,400 fast” to stop the bearish
In fact, data from, Skew, shows that the realized volatility of Bitcoin has just reached a 3-year low, and its correlation with the stock market continues to rise. The 1-year correlation between Bitcoin and the S&P 500 continues to increase day by day, currently at 38.8%, according to Skew.
The lack of volatility in the price of Bitcoin may appear to be a sign of stagnation in the not too distant future, or perhaps even a clue that a downward trend is developing, but it’s still too early to tell at this point.
Deposits at the Bitcoin exchanges are soaring, while one analyst expects a decline that will take the price as high as USD 8,800
The current scenario mimics the one seen in late 2018 when Bitcoin fell to USD 3,100. However, other upward signs could change the course of Iq Option price, especially as institutions become increasingly involved with cryptomoney products.