The equivalent of 33K of BTC in contracts with open interest rates expires on Friday. It´s more than 50% of general interest to coin. Significant contracts closing often can produce huge market fluctuations.
BTC: open interest. Interest in Bitcoin Futures and options reached a record level in the recent weeks. Nevertheless, huge amount of open contracts are expiring this Friday. Futures and optional contracts remain open until the closing date. The date requires traders to buy or sell bitcoin at the agreed price. This Friday 33000 BTC will be closed in orders. The amount is about a half of the total interest to both products.
Closing of such a huge open interest will return this gross rate to the level that was observed a month ago. For the last weeks open interest to the first crypto currency doubled, because traders bet on significant price change. It shows considerable activity on the market but it’s not a precursor of significant price change. Fluctuations in open interest earlier were a plenty of short positions. But let’s not forget that the crypto market is unpredictable.