Bitcoin Up 35% From August Low as Open Interest Falls 20%

Forecast Trend Report by Period

Bitcoin has risen 35% from its August low, while Bitcoin-denominated open interest has fallen about 20%.

Glassnode said on Sept. 29 that Bitcoin's price had climbed 35% from its August low, but BTC-denominated open interest fell about 20% over the same period.

As a result, Bitcoin-denominated open interest has dropped to its lowest level since March.

The divergence shows that even as Bitcoin's price rose, open interest in the derivatives market declined, signaling a split between price gains and the size of leveraged positions.