Bitfinex: Bitcoin open interest hits 5-week high ahead of Fed decision
- —Open interest rose 9.2% to 676,761 BTC while price fell 4.3% over the same period
- —Funding rate stands at 9.8% annualized, up from 7.3% on Oct. 25, with longs paying
- —Just $31 million in liquidations over 24 hours shows leverage is not yet flushed
- —Oct. 29 expiry straddles price a move of roughly 1.6%
Why it matters: Crowded longs make bitcoin's reaction to the Fed's tone sharper: a dovish message targets $82,500, a hawkish one $77,786.
Source: TokenPost