Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
in the spot market tied to the leading cryptocurrency. New research by McClellan Financial Publication shows sudden spikes in open interest, or the number of active contracts, in these cash-settled futures, hints at trend changes in bitcoin’s price.
The double-digit rise in open interest in a short period means bitcoin’s ongoing uptrend could soon run out of steam, paving the way for a price pullback. The cryptocurrency has gained over 25% in four weeks to trade near $35,000. Most analysts expect a U.S.-based spot ETF to bring billions of dollars in new investor money, pushing BTC’s market value skywards.materialize immediately, leaving the doors open for a post-launch price slide, as observed following the debut of ProShares’ bitcoin futures ETF in October 2021. A similar pattern played out in the gold market in the 1970s.
Gold prices tanked from $186 per ounce in December 1974 to $110 by August 1976 as the expected rush into the yellow metal
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