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.

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