Biggest wipe out of Open Interest in 1,5 years

Biggest-wipe-out-of-Open-Interest-in-15-years

Attention short-term investors! I regret to inform you that the recent drop in Bitcoin price may have caused significant losses. In a mere hour, Bitcoin plummeted by over 10%, marking the largest drop since the FTX collapse and a noteworthy event.

As a result of this sudden movement, over $2.5B of Open Interest has been wiped out, equivalent to 25% of the total Open Interest. This flushing out of speculators means that Bitcoin will likely seek a bottom where long-term investors will start accumulating again.

While it's unlikely that there will be another leveraged flush out, short-term traders should exercise caution and remain vigilant of any price fluctuations.