BTC's open interest is peaking out along with the price down

BTCs-open-interest-is-peaking-out-along-with-the-price-down

Open interest can be a powerful rally driver, but it can also be a clear indicator of overheating.

In that sense, open interest was a strong driver of BTC's price in '23 and '24, which helped push the price to new all-time highs in '24.1Q. 

However, the price is currently falling along with open interest. If the pattern of '21.4Q repeats, we could see more pullback than we think.