BTC aggregated open interest = open interest of coin-margined contracts + open interest of stablecoin-margined contracts converted to USD (notional value). For the moment only BTC/USD, BTC/USDT and BTC/BUSD contracts are included
As the price declines, the open interest (OI) follows the same movement. This implies that most traders are currently taking long positions, anticipating a further price increase or a broader bull market trend. However, it's important to note that the market doesn't always align with every trader's expectations.
Despite traders' optimistic outlook, the market's behavior can be unpredictable. Thus, now might not be the best time to adopt a strongly biased trading position. Maintaining flexibility and considering various market scenarios could be a prudent strategy.
It's worth remembering that market sentiment can shift rapidly, and taking a rigid position might expose traders to unnecessary risk. Staying informed about market trends and remaining adaptable in trading strategies can lead to more favorable outcomes.
In conclusion, while many traders are currently leaning towards a bullish stance due to the ongoing price increase, it's essential to approach the market with caution and a nuanced perspective. Adapting to changing market conditions and being prepared for unexpected fluctuations are crucial elements of successful trading.