- Bitcoin options open interest is recovering following a record expiry on Friday.
- Bitcoin held on exchanges continues to decline.
Over $1 billion in Bitcoin options open interest expired on Friday. Prior to the massive expiry, Bitcoin options open interest was soaring to new highs. Following the expiry, open interest plummeted to the lowest it has been in June. However, open interest seems to be recovering, just a day after the expiry.
According to data compiled by Skew, a cryptocurrency data analytics platform, open interest has begun to recover, increasing slightly yesterday. Open interest also fell sharply during last month’s May expiry but soared to new highs just weeks later.
Open interest helps quantify market interest in a particular asset. The figure is calculate using the total outstanding contracts for the asset at the end of the trading day.
Bitcoin Held On Exchanges Continues To Fall
While open interest begins to recover, data by Glassnode, a cryptocurrency analytics platform, shows that Bitcoin continues to flow out of exchanges.
Furthermore, the number of Bitcoin held on exchanges recently reached a one-year low, The Crypto Associate reported.
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