{"id":547727,"date":"2023-08-17T22:00:35","date_gmt":"2023-08-17T22:00:35","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=547727"},"modified":"2024-06-11T08:02:31","modified_gmt":"2024-06-11T08:02:31","slug":"bitcoin-volatility-continue-these-metrics-say-yes","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/bitcoin-volatility-continue-these-metrics-say-yes\/","title":{"rendered":"Will Bitcoin Volatility Continue? These Metrics Say Yes"},"content":{"rendered":"

Bitcoin has observed some sharp price action today, and if data of these metrics is to go by, the asset may not be done being volatile just yet.<\/p>\n

Bitcoin’s Open Interest And Leverage Ratio Have Remained High<\/h2>\n

As explained by an analyst in a CryptoQuant post<\/a>, some metrics are forming a pattern that can lead to more volatility in the cryptocurrency’s price. These indicators are the open interest and the estimated leverage ratio.<\/p>\n

The “open interest<\/a>” refers to the total amount of Bitcoin futures contracts that are open on all derivative exchanges. An increase in this metric suggests that the investors are opening more positions on the futures market right now, while a decrease implies some of them are closing their positions, or are getting liquidated.<\/p>\n

The other metric of interest here, the “estimated leverage ratio<\/a>,” keeps track of the ratio between the open interest and the derivative exchange reserve (that is, the total amount of Bitcoin sitting in the wallets of these derivative platforms).<\/p>\n

What this metric tells us is the amount of leverage that futures users are opting for on average. High leverage can significantly increase the risk of a large number of contracts being liquidated, so whenever this metric has a high value, the market can become more probable to show high volatility due to violent liquidation events.<\/p>\n

Related Reading: Bitcoin Plunges To $28,500, Will This Historical Support Hold Again?<\/a><\/div>\n

Now, here is a chart that shows the trend in these two Bitcoin indicators over the past few days:<\/p>\n

\"Bitcoin<\/p>\n

Looks like both these metrics have observed high values in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin open interest and estimated leverage ratio had both been at relatively high values right before the plunge that the asset saw in the past 24 hours.<\/p>\n
In this sharp price plummet, the futures market naturally observed a high amount of liquidations<\/a>, leading to the open interest registering some decrease. The metric, however, didn’t actually see that much of a cool down despite these liquidations, and it has now already reached back to the same levels it was at before the volatility.<\/p>\n
This would suggest that the futures market users have opened new positions since the mass liquidation event. While the open interest had gone down in this event, albeit briefly, the leverage ratio actually hadn’t budged even that much.<\/p>\n
Related Reading: Are Bitcoin Whales Selling? This Metric May Suggest So<\/a><\/div>\n
Rather, the indicator has only been going up, implying that the users opening up the new futures contracts are only opting for higher and higher amounts of leverage.<\/p>\n
Because of the open interest rebounding and the leverage ratio only trending higher, it would appear like a reasonable possibility that the Bitcoin price would observe more volatility in the near future.<\/p>\n
Such volatility can take the coin in either direction, but generally, the side of the market with the less amount of contracts is the more probable one.<\/p>\n
In the chart, the data for the “funding rates<\/a>” is attached, which basically tells us whether the longs or the shorts are dominant in the futures market currently.<\/p>\n
The funding rates had been positive in the latest futures market overheat, as well as in the one seen earlier in the month, but following today’s long liquidations, the metric has turned negative. This may suggest that a liquidation event involving the shorts is more likely to happen next.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $28,500, down 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has plunged during the past 24 hours | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has observed some sharp price action today, and if data of these metrics is to go by, the asset may not be done being volatile just yet. Bitcoin’s Open Interest And Leverage Ratio Have Remained High As explained by an analyst in a CryptoQuant post, some metrics are forming a pattern that can lead to more volatility in the cryptocurrency’s price. These indicators are the open interest and the estimated leverage ratio. The “open interest” refers to the total amount of Bitcoin futures contracts that are open on all derivative exchanges. An increase in this metric suggests that the investors are opening more positions on the futures market right now, while a decrease implies some of them are closing their positions, or are getting liquidated. The other metric of interest here, the “estimated leverage ratio,” keeps track of the ratio between the open interest and the derivative exchange reserve (that is, the total amount of Bitcoin sitting in the wallets of these derivative platforms). What this metric tells us is the amount of leverage that futures users are opting for on average. High leverage can significantly increase the risk of a large number of contracts being liquidated, so whenever this metric has a high value, the market can become more probable to show high volatility due to violent liquidation events. Related Reading: Bitcoin Plunges To $28,500, Will This Historical Support Hold Again? Now, here is a chart that shows the trend in these two Bitcoin indicators over the past few days: Looks like both these metrics have observed high values in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin open interest and estimated leverage ratio had both been at relatively high values right before the plunge that the asset saw in the past 24 hours. In this sharp price plummet, the futures market naturally observed a high amount of liquidations, leading to the open interest registering some decrease. The metric, however, didn’t actually see that much of a cool down despite these liquidations, and it has now already reached back to the same levels it was at before the volatility. This would suggest that the futures market users have opened new positions since the mass liquidation event. While the open interest had gone down in this event, albeit briefly, the leverage ratio actually hadn’t budged even that much. Related Reading: Are Bitcoin Whales Selling? This Metric May Suggest So Rather, the indicator has only been going up, implying that the users opening up the new futures contracts are only opting for higher and higher amounts of leverage. Because of the open interest rebounding and the leverage ratio only trending higher, it would appear like a reasonable possibility that the Bitcoin price would observe more volatility in the near future. Such volatility can take the coin in either direction, but generally, the side of the market with the less amount of contracts is the more probable one. In the chart, the data for the “funding rates” is attached, which basically tells us whether the longs or the shorts are dominant in the futures market currently. The funding rates had been positive in the latest futures market overheat, as well as in the one seen earlier in the month, but following today’s long liquidations, the metric has turned negative. This may suggest that a liquidation event involving the shorts is more likely to happen next. BTC Price At the time of writing, Bitcoin is trading around $28,500, down 3% in the last week. BTC has plunged during the past 24 hours | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":547756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,569,85011,84667,790,1119,1144],"class_list":["post-547727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-leverage-ratio","tag-bitcoin-open-interest","tag-bitcoin-volatility","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWill Bitcoin Volatility Continue? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will Bitcoin Volatility Continue? 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