KingNGame

Recently, Bitcoin experienced a $12 billion open interest (OI) shakeout, and according to crypto analysts, this market correction could be the key catalyst for Bitcoin to regain its upward momentum. A Natural Market Reset DarkFost, a contributor to the crypto data platform CryptoQuant, explained in a March 17th report that this wipeout could be viewed as a natural market reset. He stated, "This can be considered as an essential phase for sustaining a bullish continuation." He further emphasized that historical trends show that past deleveraging events like this have provided good opportunities in the short to medium term. Open Interest Changes On February 20, Bitcoin’s open interest stood at $61.42 billion, but by March 4, it had dropped by 19% to $49.71 billion. This decline came amid high volatility in Bitcoin’s price, triggered by political instability in the US and uncertainties regarding the Federal Reserve’s interest rate policies. DarkFost noted, "Following t...