RATE Group | BitMEX Open Interest Collapses After Controversial Long Squeeze
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BitMEX Open Interest Collapses After Controversial Long Squeeze

25 Mar BitMEX Open Interest Collapses After Controversial Long Squeeze

Posted at 08:21h in Bitcoin News by

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While bitcoin’s (BTC) price is rallying, traders have scaled back their open interest positions in bitcoin perpetual contracts listed on the crypto derivatives exchange BitMEX. 

The world’s largest cryptocurrency by market capitalization rose to $6,863 early Tuesday, representing a 77 percent gain on the recent low of $3,867 registered on March 12, according to CoinDesk’s Bitcoin Price Index. 

Meanwhile, open interest, or outstanding positions, in XBT/USD (bitcoin) perpetual contracts fell to 55,000 BTC. That’s the lowest figure in at least 18 months, which is when crypto derivatives research firm Skew began tracking BitMEX’s data. 

A perpetual contract resembles a futures contract as it offers high leverage and is a margin-based product. However, there is no expiry or settlement and thus it trades close to the underlying reference index price. The exchange uses the term “open value” for open interest in its perpetual contracts when measured in bitcoin terms.

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