CryptoQuant: BTC open interest reaches highest since January 2023

BTC has risen by about 12 per cent in four days, with both open positions and funding rates increasing, with BTC open interest reaching its highest level since January 2023, CryptoQuant data shows. Analysts at CryptoQuant said that while open positions themselves may indicate short-term overheating levels, positive funding rates do not indicate significant overheating, and the ratio between long and short investors is not abnormally skewed, similar to the steady rally from October to November 2023, said analysts at CryptoQuant. The steady increase in open positions and the state of positive funding rates is similar to the early stages of the bull market that emerged after the 2020 epidemic shock, suggesting that investor interest in BTC continues to grow, a constructive sign from a medium to long term perspective.