Open positions in Bitcoin futures increased to over $ 5 billion on November 3. This rise has been interpreted by some experts as a bullish indicator for the bitcoin price.
In the news shared by Jeff Benson from Decrypt, it was said that open positions in Bitcoin futures were approaching the all-time high of $ 5.7 billion. In the report, it was stated that open positions that reached $ 5.4 billion on November 3, 2020 could be a bullish signal for Bitcoin.
However, a report published by Messari was also mentioned. In his report, Messari talked about the price changes Bitcoin saw in 2020 and emphasized the impact of the US presidential elections on the global economy. According to the report, the volatility seen in the markets due to the US elections could lead to a decrease in the Bitcoin price. However, it was stated in the report that the increase in the number of open positions with the price increase seen in Bitcoin may also indicate an increase in Bitcoin.
What else does the Skew data say?
Skew shared some charts of Bitcoin futures and open positions. The charts show the distribution and volume of open positions in Bitcoin futures on stock markets. In the first chart, it was shared that open positions in Bitcoin futures were densely found in OKEx, Binance, CME, BitMEX, Bybit, Huobi, Deribit, FTX, Bitfinex, Kraken, Bakkt and CoinFlex exchanges respectively.
The second chart shows the volume of Bitcoin futures transactions in the last 24 hours. The highest trading volume occurred on Binance, Huobi, OKEx, Bybit, BitMEX, bitFlyer, FTX, Deribit, CME, Kraken, Bakkt, CoinFlex and Bitfinex exchanges, respectively.