In the hours following the release of the United States Federal Reserve’s July meeting minutes, which some believe confirms a September rate cut, Bitcoin futures traders increased the market’s Open Interest (OI) by over $1 billion.
On August 22, Bitcoin futures OI rose to $31.92 billion, reflecting a gain of $1.26 billion in just 12 hours. OI is a measure of the total number of unexecuted derivative contracts, such as options or futures.
This increase in OI suggests that traders are more confident in their predictions for Bitcoin’s price direction, whether it will go up or down.
However, market data indicates that traders are equally divided on their predictions for Bitcoin’s price.
