Bitcoin [BTC] price held on to $7400 levels for the last two days after a steep drop on Tuesday. The increased volatility in price also increased the trading interest. The other parameters, such as long/short ratio and open interest, have also varied considerably in the last 24 hours.
Trading Volumes and Open Interest
The trading volumes on many exchanges saw a massive spike on 24th October as price broke below $7500. While Bakkt recorded a new ATH of $4.8 million on Wednesday. Reportedly, on Thursday, the volume is around $2.4 million.
∙ Today’s volume so far: 324 BTC
∙ Last traded price: $7,425.00
∙ Trading day progress: 75% (if this continues: 100% equals to 432 BTC)
— Bakkt Volume Bot (@BakktBot) October 25, 2019
CME also witnessed a spike in trading volumes for futures contracts of both October and November. The October contracts are scheduled for expiry tomorrow. The open interest for Nov and Oct contracts is 471 and 1673, respectively.
The trading volumes on crypto Exchanges like Okex, BitMEX, and Bitfinex also saw a spike. However, the open interest has dropped on the exchanges.
Bitcoin Perpetual Swap and Futures Open Interest and Trading Volume (Okex)
The long-short ratio has varied as well in the past 24 hours. The overall ratio on spot exchanges like Okex and Bitfinex is long. With more than 70% long interest compared to short on Bitfinex, the bulls seem to have entered long perpetual contracts. Nonetheless, the change in the past two days has witnessed an overall drop.
Bitcoin Long/Short Ratio 1-Day Chart on Bitfinex (TradingView)
The market sentiment tuned highly bearish on Wednesday is now seeing a slight revival towards the bulls.