Bitcoin News
By Maheen Hernandez
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Bitcoin has struggled to reclaim its previous all-time high (ATH) of over $109,000, staying below the $90,000 mark for nearly two weeks.
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One significant development influencing the market is a 35% drop in Bitcoin's open interest, which has fallen from $57 billion to $37 billion since the ATH.
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The drop in open interest also indicates that traders may be unwinding cash-and-carry trades, where they previously profited from price differences between the spot and futures…
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In addition to the drop in open interest, another key on-chain metric, the "Hot Supply," has seen a significant decline.
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Exchange inflows have also dropped significantly, falling by 54% from 58,600 BTC per day to 26,900 BTC.
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As of now, Bitcoin is trading around $86,225, trying to maintain support above the $85,000 level.
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On a more positive note, CryptoQuant analyst Woominkyu highlighted a potential accumulation phase among U.S. institutional investors.
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In conclusion, while Bitcoin is facing downward pressure from declining open interest and other on-chain metrics, there are still positive signals suggesting that institutional…
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