Following Donald Trump's victory in the US presidential election, there is a sharp increase in open interest on bitcoin futures, indicating heightened trading activity and price expectations.
Sharp Increase in Open Interest
Bitcoin futures open interest rose from $39 billion on November 5 to $60.9 billion, reflecting substantial growth in positions tied to bitcoin derivatives, many involving leverage.
Analyst Views on the Current Situation
Analysts from Bitfinex explained that the buildup in open interest appears organic, driven by expectations of future price appreciation. They noted a reduction in open interest as of November 22 around the $94,000 level, where significant orders were filled. Bitget CEO Gracy Chen highlighted Trump's victory as a catalyst.
Comparison of Bitcoin and Ether
Ether has outperformed bitcoin, rising by 5% to $3,600 on November 27. Analysts at QCP Capital believe ether is poised for further gains against bitcoin, and Ethereum ETFs have seen significant inflows.
The situation in the cryptocurrency market, including the rise in open interest and active capital shifts, highlights investor reaction to political events and changes in the economic environment.
