Open Interest in Crypto Futures Seen Climbing in July

Dow Jones
08/04

1012 ET - Investors are gradually returning to trading cryptocurrencies, after a big wind-down seen in June. It appears to be a sign of investor appetite for cryptocurrencies slowly returning, says Colin Basco of Coinbase Institutional in a note. "Positioning looks rebuilt rather than flushed, with open interest expanding even as turnover contracted," says Basco. CoinGlass data shows that bitcoin is exhibiting higher levels of liquidation of short positions over the past 24 hours, with $164 million in shorts liquidated in that time. Major cryptocurrencies are mixed in morning trade, with bitcoin up 0.1%, ethereum flat, XRP down 0.8% to $1.07, and solana down 0.1% to $73.73.

 

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