Bitcoin open interest above $40B as price eyes $70K

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High open interest signals more leverage, which could induce another flush-out if positions are liquidated. 

Open interest on Bitcoin derivatives reached a record high on Oct. 21, as BTC came close to breaching the $70,000 price point. 

In a post on X on Oct. 21, CoinGlass reported that Open Interest (OI) on Bitcoin futures contracts had reached a record high of $40.5 billion.

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