Bitcoin Traders Are Furiously Buying Dip as Open Interest Surges to 380,000 BTC

Nov 14,2022
Bitcoin Traders Are Furiously Buying Dip as Open Interest Surges to 380,000 BTC

BTC fell below 16000 dollars, which was unexpected in most cryptocurrency markets a week ago. However, the reaction of traders and investors is not as bad as everyone imagined. According to on chain and market data information, market participants actively look forward to the first cryptocurrency and do not look back on what happened yesterday.

Basically, after falling below 16000 US dollars, the market immediately saw a sharp increase in the amount of positions not forced to be closed on the derivatives trading platform, which is reflected in the exponential growth of the number of double orders.

The most special part of this kind of development trend is the personal behavior of the investor, whose capital is locked in the FTX exchange. Most of the traders who cannot obtain funds from the notorious exchange are in a very high risk tolerance of the development trend. They basically bet 100% of their asset allocation on the growth of the first cryptocurrency, although they have recently implemented price behavior.

Unfortunately, the underlying reason for his determination is purely spiritual, because most customers feel that his funds are unlikely to be obtained, and the sense of despair is the natural outcome of making unusual accounting decisions.

However, the collapse of cryptocurrency market caused by the announcement of FTX and FTT situation is not the case. The collapse of one of the world's largest cryptocurrency exchanges has added great risks to many physical lines in the market, including Galaxy Digital, Sequoia Capital and other funds, and TrueFi and other DAOs.

In a few hours, the SOL cryptocurrency with a value of millions will be released in the pledge, which may lead to disaster in the market, which will promote another slump in the whole BTC market.