Bitcoin Boasts Stellar Quarterly Performance As Q2 Comes To A Close
Quick Take
- Bitcoin inks a strong Q2 despite recent price action.
- Bitcoin options open interest begins to recover following a record Bitcoin options market expiry.
Despite Bitcoin falling over the past week, Bitcoin is poised to post a strong Q2 at today’s close. Beginning on April 1, Q2 closes on June 30.
According to Skew, a cryptocurrency analytics platform, today’s Q2 closing will be one of the highest closings in Bitcoin’s relatively short history. The cryptocurrency is also poised to ink a 40% quarterly gain on today’s close, considering no additional major price movements.
Interestingly, Skew also noted that Q3 has been a historically difficult quarter for Bitcoin, with the majority of Q3s in Bitcoin’s history seeing quarterly losses at closing. Furthermore, with Bitcoin falling in the past week, it will be interesting to see if the cryptocurrency will continue to fall throughout Q3.
Open Interest Begins To Recover
In addition to a strong Q2 closing, Bitcoin options open interest is recovering following the massive expiry on Friday. The routine expiry on June 26 slashed the open interest significantly. However, open interest is back on the rise according to data by Skew.
Open interest helps quantify market interest in assets by representing the total outstanding contracts at the end of the trading day. While Bitcoin options open interest recovered quickly following the May expiry, it is yet to be seen if the same will occur in July.
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