noted a 6.8% drop in the past two days even after accounting for the bounce from $64.5k to $66.5k. Andrew attention to the fact that each time the Open Interest pushed above the $13 billion mark, the Bitcoin market witnessed significant corrections.
The 2021 Open Interest peaks reached $14.8 billion in April 2023 and $16.6 billion in November 2021. Both times, BTC witnessed a 50% retracement in the next 70 days. When the market is near a local top, and prices are pushed higher by interest in the futures market but much less spot demand, the possibility of liquidation cascades vastly increases. This is something participants should be aware of.
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