Bitcoin’s $12 Billion Shakeout: Analyst Explains Why It Had To Happen

Description

A prominent crypto analyst said that Bitcoin went through a significant event over the past few months as the coin’s open interest plummeted by nearly 20%, wiping out around $12 billion. BTC’s open interest wipeout might appear to be detrimental to the coin, but CryptoQuant analyst DarkFost believes that the cleansing is essential for a “bullish continuation”, citing that it may provide opportunities for its investors in the near term if history repeats itself. Bitcoin’s nearly $12 billion open ...