The latest edition of the Bitfinex Alpha report revealed that cryptocurrency traders are bracing themselves for “choppy waters” ahead due to bitcoin’s sudden plunge after a languid period.
The downward move was followed by a major open interest wipeout, considered one of the largest in the asset’s history. Roughly $3 billion in open interest was obliterated within a few hours after the crash. Bitfinex said it was one of the largest reductions in day-to-day open interest since December 2021, when BTC hit its all-time high of $69,000.
Source: Digital Coin News (digitalcoinnews.net)
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