Today Bitcoin (BTC) price rallied to a new all-time high at $44,900 shortly after Tesla announced a $1.5 billion investment. This event triggered $555 million worth of shorts to be liquidated in two hours and it happened as Bitcoin futures open interest reached $13.7 billion, which is just 3% below its historical high.
These price moves drastically increased the cost of carrying long positions, mainly for those using perpetual futures. This indicator raised a yellow flag on how leveraged those investors are and their potential price impact. BTC futures open interest in USD. Source: Bybt.com
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Source: https://businessnewsideas.com/2021/02/08/rising-bitcoin-futures-funding-rate-signals-traders-expect-50000-btc/
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