Bitcoin Holds Near $86,000 as Derivatives Positioning Cools
Bitcoin rose 1.3% to about $86,379 as trading and futures volumes declined, while active sellers accounted for 51% of activity.
Bitcoin (BTC) traded near $86,000 on Sept. 23 after rising earlier in the week, as declining trading and futures volumes coincided with more cautious derivatives positioning.
BTC gained 1.3% to about $86,379, while its 24-hour trading volume fell 36% to $38 billion. The CoinDesk 100 index rose 0.67%, although 38 of its components declined during the session.
Crypto futures volume dropped 21% over 24 hours to $227 billion. Total open interest, which measures the value of outstanding derivatives contracts, increased 1% to $159.4 billion.
Active sellers accounted for 51% of trading activity. The Binance USDT-margined lending/borrowing rate rose to 5.49%, near its highest level in several months.
Bitcoin open interest remained broadly unchanged at about 710,000 BTC, while the whale long-to-short ratio declined. The positioning was closer to reducing exposure than to shifting broadly into short positions.
Options positioning remained mixed. Open interest increased at call option strike prices of $90,000, $95,000 and $100,000, while levels at $75,000 and below were viewed as stronger support areas.
The market was holding near $86,000 as participation declined and derivatives positioning became more cautious.
