Is the Bitcoin slumped below $12K caused by the record high in CME Bitcoin futures open interest?
According to the data, CME’s Bitcoin futures open interest hit the record high yesterday. Meanwhile, Bitcoin slumped nearly 3% from $12,400 and closed below $12,000 on Monday. It seems like the Bitcoin futures market competed for the funds with the spot markets and caused a great slump in Bitcoin’s price. However, profit-taking from recent soared in Bitcoin’s price seems reasonable. Therefore, more investors are expected to take the chance to buy more Bitcoins during this pullback.
Disclaimer: Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
Follow us on social media!