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Bitcoin Futures Market Sees Low Open Interest Since October Reset
Glassnode's senior researcher highlights a decrease in activity within the Bitcoin perpetual futures market, describing it as a "ghost town" due to muted Open Interest levels.
Key Points:
- The Bitcoin perpetual futures Open Interest has remained low since a significant decline in October.
- This metric indicates the total open positions on centralized derivatives platforms.
- Lower Open Interest suggests reduced speculative activity and potential stability in BTC pricing.
- In mid-November, there was a slight increase in Open Interest, but it has since returned to previous lows.
- The perpetual futures Funding Rate has been declining, indicating traders' reluctance to maintain leveraged long positions.
Current BTC price is approximately $90,500, showing a 6% increase over the past week.
