Why Did Bitcoin Just Lose $12 Billion? You Won’t Believe What Happened Next! 😱
In a universe not so far away, a prominent crypto analyst, who may or may not have been wearing a towel, declared that Bitcoin recently experienced a rather significant event. Over the past few months, the coin’s open interest plummeted by nearly 20%, effectively vaporizing around $12 billion. Yes, you read that right—$12 billion! That’s enough to buy a small planet or at least a very large yacht. 🚤
Now, you might think that BTC’s open interest wipeout is akin to a cataclysmic event, like a Vogon constructor fleet showing up to demolish your house. But fear not! CryptoQuant analyst DarkFost, who probably has a crystal ball, believes this cleansing is essential for a “bullish continuation.” He suggests that it may provide opportunities for investors in the near term, assuming history decides to repeat itself and not just play a cruel joke. 🤔
According to our intrepid analyst, Bitcoin’s nearly $12 billion open interest shakeout earlier this month might just be the cosmic catalyst needed for the asset to regain its upward momentum. Think of it as a rocket ship that just needed a little push to escape the gravitational pull of mediocrity.
A Catalyst
Data from CoinGlass, which sounds like a futuristic window company, shows that the firstborn crypto’s open interest dropped by 19%, from $61.42 billion to $49.71 billion. DarkFost claims that this $12 billion shakeout might actually be a good thing for Bitcoin. Who knew that losing money could be so beneficial? 🤷♂️
“Following the recent panic triggered by political instability linked to Trump’s decisions, we witnessed a massive liquidation of leveraged positions on Bitcoin,” DarkFost said, probably while sipping a Pan Galactic Gargle Blaster.
In just two months, more than $10 billion in open interest has been erased, like a bad memory after a night out. Between February 20 and March 4, an estimated $10 billion was wiped out. DarkFost claims that this wipeout could serve as the much-needed catalyst for Bitcoin to regain its momentum. It’s like a phoenix rising from the ashes, but with more digital currency and fewer feathers.
“This can be considered as a natural market reset, an essential phase for sustaining a bullish continuation,” the analyst explained, probably while contemplating the meaning of life.
Good Opportunities
DarkFost suggested that the recent ordeal faced by Bitcoin might prove to be advantageous in the next few months. Because who doesn’t love a good opportunity, especially when it involves digital coins? 💰
He provided a chart that shows the reset phases, determining the moments when the 90-day open interest change turns negative. Currently, the 90-day change in Bitcoin futures open interest has plummeted and is now sitting at a delightful -14%. It’s like a rollercoaster ride, but without the safety harness.
“Looking at historical trends, each past deleveraging like this has provided good opportunities for the short to medium term,” the analyst added, probably while checking his horoscope.
Influence Of The Federal Reserve
Some experts, who may or may not be wearing tinfoil hats, have suggested that the Federal Reserve’s actions could impact what happens next to Bitcoin. Today’s meeting of the Federal Open Market Committee could add more volatility to the crypto if there’s something unexpected in the monetary policy. Because, of course, we all love a good surprise! 🎉
Bitget chief analyst Ryan Lee explained that Bitcoin is already hovering at the $80,000 level, and more volatility might be expected in the coin’s price and open interest if the March 19 Federal Open Market Committee meeting delivers any surprises. It’s like waiting for a bus that may or may not arrive.
“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets,” Lee said, probably while trying to predict the unpredictable.
As of press time, Bitcoin’s open interest stood at $
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2025-03-20 12:44