Bitcoin Open Interest has jumped by over a billion following the United States Federal Reserve ‘dovish’ minutes on Aug. 21.
Bitcoin futures traders added over a billion to Bitcoin Open Interest (OI) in the hours after the United States Federal Reserve released its July meeting minutes, which some say further confirms a September rate cut.
On Aug. 22, Bitcoin futures OI climbed to $31.92 billion, an increase of $1.26 billion compared to the previous 12 hours.
OI is the total number of derivative contracts that have not been settled, such as options or futures. An increase in OI indicates greater confidence among traders in predicting Bitcoin’s price direction, whether up or down.
