The top altcoins have been recovered in the joint open interest, contributing to the largest part of the atherium swing.
Ethereum, XRP, Solana, and DooOgoin have seen an increase in open interest
In a new post on X, on-chain analytics firm Glasnod has talked about the trend in the open interest of some top ultcoins: atherium (Ath), Docin (DOGE), XRP (XRP), and Sotana (SOL).
The foreign interest here refers to a metric that tracks the total volume of the futures market related to a given asset or group of assets that are currently open on all centralized derivative exchanges. It takes into account both shorts and long.
When the value of the metric increases, it means that investors are opening new locations on the market. Such a trend may be a sign that special interest in the coin is increasing. On the other hand, indicators who register a drop suggests that holders are ethering ether or forcing their platform.
Now, the chart shared by Glassnode is that in the last few months shows in the Futures Open interest for Ethereum, Solana, XRP and Dogecoin:
The market seems to have seen fresh positioning in recent days | Source: Glassnode on X
As displayed in the above graph, the joint foreign open interest for these tops hit a high level of $ 45 billion last week, but shut down the speculative interest, and saw a decline in the metric.
This week, the traders returned with full force as the indicator is almost recovering, with a mark of $ 44.5 billion after a sharp trading. It also appears in the chart that the atherium saw the largest part of the swing, which was more stable Solna and XRP. Dogecoin gave more or less rollercaster with a completely flat trend.
Generally, an increase in futures open interest can be an indication that the market may be more unstable. given
In the relevant news, the ethrium is always dominating the futures market, as the element firm has indicated in another in another.
The Perp Volume share of Bitcoin and Ethereum compared over the last few years | Source: Glassnode on X
As Glasanode highlighted the chart in the chart, the atherium perpetual futures volume dominance recently surpassed Bitcoin for the first time for the 2022 cycle lower. “This change confirms a meaningful rotation of special interest, which tries the Altcoin sector,” the Elletics firm noted.
BTC Price
Bitcoin has controlled its rands of the movement sideways as its price is still trading around the level of $ 118,900.
Looks like the price of the coin has been stuck in consolidation recently | Source: BTCUSDT on TradingView
Dall-e, Glassnode.com specially displayed image, chart from tardingview.com
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