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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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  • Metaverse
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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

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    What are Floki’s Flokitars?

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  • Gaming
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    ChatGPT vs X: Who Sees Crypto Narratives First?

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    Why AAA Game Studios Will Eventually Embrace NFTs

    Blazpay and Onmi AR Unite to Elevate Web3 Gaming Experience

    Blazpay and Onmi AR Unite to Elevate Web3 Gaming Experience

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    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

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    Gear Runner Integrates with Meta Arena to Deliver Gamified Real-World Activity and Move to Earn for GameFi Fans

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    Less Hype, More Utility: 5 Ways NFTs Are Rebuilding in 2025

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    Web3 Powerhouses Fabwelt and LoveBit Unite to Drive Purpose-Driven GameFi

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  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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  • AI
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    ETH Daddy Discusses Ethereum and AI

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    Crypto Risk Management Strategies for Trading (2025)

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

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    A Full Comparison of Layer 2 Solutions

    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin trader engagement on the rise: A new era for BTC?

May 11, 2024
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Bitcoin trader engagement on the rise: A new era for BTC?
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  • Bitcoin’s Open Interest grew materially as price of BTC declined.
  • Long term holders begin selling their holdings, interest in ETFs remained high.

Bitcoin [BTC] witnessed a massive surge in open interest over the last few days, despite its price hovering around the $63,000 range.

Open Interest on the rise

More Open Interest often indicates more traders are entering the market using futures contracts. This can lead to higher volatility as these traders place bets on the future price of Bitcoin.

With more money on the line, price swings can become more pronounced as bulls and bears battle it out. This volatility can create opportunities for profit but also carries greater risk.

An increase in Open Interest can also improve liquidity in the Bitcoin market. With more Futures contracts outstanding, there’s a larger pool of buyers and sellers, making it easier to enter and exit positions.

This can be beneficial for the overall market health for BTC.

Source: X

ETF saga

According to Coinglass’ data, the number of short positions taken against BTC had outnumbered the long positions. It remains to be seen whether the bears turn out to be right about their calls.

Another factor that could impact BTC would be the state of Bitcoin ETFs. According to SoSoValue’s report, Bitcoin spot ETFs experienced a total net outflow of $84.6581 million on the 10th of May.

Grayscale’s GBTC ETF saw a daily net outflow of $103 million, while BlackRock’s IBIT ETF had an inflow of $12.4363 million, and Fidelity’s FBTC ETF had an inflow of $5.3039 million.

See also  Bitcoin continues decoupling from altcoins: Here's what it means

The high amount of inflows could impact the price of BTC positively in the long run.

Long-term holders take a hike

However, at press time, things were looking dire for BTC. The price of BTC had fallen to $60,833.76 due to a decline of 3.4% in the last 24 hours. The volume at which BTC was trading at had also declined by 1.8%.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Surprisingly, the Long/Short difference of BTC fell along with the price. This indicates that the number of long-term addresses holding BTC had fallen.

Daily active addresses on the network also fell materially over the last few days, which meant that the overall interest in the Bitcoin ecosystem was also waning, which could further impact BTC’s price negatively.

Source: Santiment

Next: Mark Cuban: ‘Crypto voters will be heard this election’ – Here’s why

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Bitcoin’s Open Interest grew materially as price of BTC declined.
  • Long term holders begin selling their holdings, interest in ETFs remained high.

Bitcoin [BTC] witnessed a massive surge in open interest over the last few days, despite its price hovering around the $63,000 range.

Open Interest on the rise

More Open Interest often indicates more traders are entering the market using futures contracts. This can lead to higher volatility as these traders place bets on the future price of Bitcoin.

With more money on the line, price swings can become more pronounced as bulls and bears battle it out. This volatility can create opportunities for profit but also carries greater risk.

See also  Bitcoin Mining Economics Improved in the First Half of November: JPMorgan

An increase in Open Interest can also improve liquidity in the Bitcoin market. With more Futures contracts outstanding, there’s a larger pool of buyers and sellers, making it easier to enter and exit positions.

This can be beneficial for the overall market health for BTC.

Source: X

ETF saga

According to Coinglass’ data, the number of short positions taken against BTC had outnumbered the long positions. It remains to be seen whether the bears turn out to be right about their calls.

Another factor that could impact BTC would be the state of Bitcoin ETFs. According to SoSoValue’s report, Bitcoin spot ETFs experienced a total net outflow of $84.6581 million on the 10th of May.

Grayscale’s GBTC ETF saw a daily net outflow of $103 million, while BlackRock’s IBIT ETF had an inflow of $12.4363 million, and Fidelity’s FBTC ETF had an inflow of $5.3039 million.

The high amount of inflows could impact the price of BTC positively in the long run.

Long-term holders take a hike

However, at press time, things were looking dire for BTC. The price of BTC had fallen to $60,833.76 due to a decline of 3.4% in the last 24 hours. The volume at which BTC was trading at had also declined by 1.8%.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Surprisingly, the Long/Short difference of BTC fell along with the price. This indicates that the number of long-term addresses holding BTC had fallen.

Daily active addresses on the network also fell materially over the last few days, which meant that the overall interest in the Bitcoin ecosystem was also waning, which could further impact BTC’s price negatively.

Source: Santiment

Next: Mark Cuban: ‘Crypto voters will be heard this election’ – Here’s why
Tags: BitcoinBTCEngagementErariseTrader

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