Bitcoin · Coinbase · Bitcoin ETF · Cointelegraph
Bitcoin’s (BTC) rising funding rate and aggregated open interest suggest bullish investors are opening longs in an attempt
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
As shown in the chart below, Bitcoin open interest remains relatively stable despite the day-over-day selling, further re-enforcing the view that long positions are either topping up to stay open or newly created.
Key facts
- On Wednesday, outflows from spot Bitcoin ETFs topped $200 million, while cumulative outflows over the past 7 days exceeded $1.5 billion
- According to Bitfinex analysts, Bitcoin investors are “cautious heading into Thursday’s (May 29) Personal Consumption Expenditures (PCE) report for April
- Bitcoin dropped closer to a critical support level as spot and long futures traders’ efforts to hold $75,000 failed
- Before the drop to $73,000, liquidations remained within norms of BTC’s intra-day range percentage-wise, suggesting that this week’s price action is a continuation of the current consolidation rather
Summary
Bitcoin dropped closer to a critical support level as spot and long futures traders’ efforts to hold $75,000 failed. Bitcoin’s (BTC) rising funding rate and aggregated open interest suggest bullish investors are opening longs in an attempt to defend the range lows and an important support at $70,000, but another day of spot ETF outflows has investors concerned that the institutional stance on BTC is shifting. Before the drop to $73,000, liquidations remained within norms of BTC’s intra-day range percentage-wise, suggesting that this week’s price action is a continuation of the current consolidation rather than early confirmation of a higher-timeframe trend change. Hyblock analysts said that,.