Insights

Bitcoin loses 30k support, as futures open interest contracts unwind

Quick Take

  • Bitcoin lost its $30,000 support this morning and is currently at $29,500.
  • Five days ago, CryptoSlate analyzed that open interest jumped by the fifth largest amount in one day. This was a significant driver in pushing the price over $30,000.
  • In the past 24 hours, over $100 million of liquidations have occurred in crypto, flushing out late longs.
  • Roughly 375,000 BTC sit in open futures contracts, a decrease of 25,000 BTC from the weekend.
Liquidation: (Source: CoinGlass)
Liquidation: (Source: CoinGlass)
Futures Open Interest: (Source: Glassnode)
Futures Open Interest: (Source: Glassnode)

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