Crypto traders pile $2.4B into leveraged bets amid December panic
Open Interest in cryptocurrencies surged by $2.4 billion in December despite a 40% drop in trading activity in the same month. On-chain data also revealed that Bitcoin and Ethereum futures increased from $35 billion to $38 billion, marking a 7% expansion in leverage, despite market capitulation expectations.
Bitcoin Open Interest increased from $22 billion to $23 billion this month. Ethereum’s Open Interest also added $1.4 billion and surged from $13 billion to $15 billion. CryptoQuant analysts noted that the surge happened while BTC’s price remained near $88,000 and Fear Index registered 37.
Bitcoin registers a Fear Index of 37
Around 33.5% of all Bitcoin is currently held at a loss.
