$BTC open interest climbing steadily since around 4th Dec 2021 - However BTC price steadily retreating
- OI could be short but last time had this duration and strength of OI vs. price action was in May - July '12 which ultimately resulted in 20th July to 8th Nov growth cycle.
- Indicates large scale wind up, could be technically short or long
- Difference being that in May - July cycle Funding rates were consistently negative, whereas now aren't.
Bull elements:
Puell Multiple mid-lower zone
BTC supply in profit heading for cycle lows
Deribit options show majority calls vs. cycle
Max pain vs. index price crossing under
Overall - looking for market triggers, and net flows from large stable coins to signal large move
Prediction: +ve but short term downward pressure
- OI could be short but last time had this duration and strength of OI vs. price action was in May - July '12 which ultimately resulted in 20th July to 8th Nov growth cycle.
- Indicates large scale wind up, could be technically short or long
- Difference being that in May - July cycle Funding rates were consistently negative, whereas now aren't.
Bull elements:
Puell Multiple mid-lower zone
BTC supply in profit heading for cycle lows
Deribit options show majority calls vs. cycle
Max pain vs. index price crossing under
Overall - looking for market triggers, and net flows from large stable coins to signal large move
Prediction: +ve but short term downward pressure