Bitcoin Open Interest Falls More Than 20% After Sept. 23 Pullbacks
Ether, HYPE and ZEC also saw open interest contract, while funding rates cooled across the four assets.
Bitcoin (BTC) experienced two pullbacks from its Sept. 23 high as open interest contracted and funding rates cooled across BTC, Ether (ETH), HYPE and ZEC.
Bitcoin’s market positions shrank by more than 20%, while the other three assets also recorded notable declines in open interest. The moves came as the market appeared to undergo a notable round of deleveraging.
The changes followed two pullbacks in Bitcoin from its recent high. Open interest measures the value of outstanding derivatives contracts, while funding rates reflect periodic payments between traders holding opposing positions in perpetual futures markets.
The contraction in open interest and the cooling in funding rates mark an adjustment in derivatives positioning across Bitcoin, Ether, HYPE and ZEC.
Open interest contracted and funding rates cooled across all four assets.
