Bitcoin, Open Interest Rise Further···Foreign Media: "Volatility Must Be Considered"

BTC Uncleared Contracts Record 55.7726 Trillion Won
Highest in 7 Months Since March This Year

As BTC price approaches $70,000, it is reported that a large amount of funds flowed into the BTC futures market on the 21st, setting a new all-time high, raising the prospect of BTC facing significant price volatility again.

On-chain analysis platform CoinGlass announced on its official X account that BTC's uncleared contracts in the futures market reached $40.5 billion (about 55.7726 trillion won). Uncleared contracts refer to the amount that can be used for settlement of futures or options contracts in the derivatives market. Futures investors have bet about $40.5 billion on BTC's price rise or fall.

The uncleared contracts in the BTC futures market hit a new high of about $38.95 billion in March this year, and the record was reset in about 7 months.

Previously, CoinGlass had pointed out the soaring uncleared contract amount, warning that BTC could see huge price swings. In particular, on October 4th, a large-scale short (bearish) position liquidation occurred in the futures market, leading to a sharp rise in BTC. On the 14th, the liquidation amount of uncleared contracts in the futures market was about $2.5 billion (about 3.3905 trillion won), and BTC surged about 2.5% to break through $64,000.

Cryptocurrency media CoinTelegraph stated that "during periods when uncleared contracts soar, if BTC price fluctuates sharply, the chain liquidation of certain positions can create massive BTC volatility," and "we should remember the case in early August this year when BTC fell below $50,000 in just two days due to surging uncleared contracts."

Reporter Kwon Seung-won ksw@