The picture above is the Open Interest Perpetual Index. Its value has increased for 4 consecutive days and reached the value of about $8,3B on July 28th. The rising value of this Index indicates the higher quantity of accumulated future contracts that are kept open to the next day. This results in a higher possibility that exchange can interfere to manipulate the market for liquidating these accumulated future contracts.
There are two factors leading to the surge of the Open Interest Perpetual Index: a low future liquidation level and/or a low number of manually closed future orders.
According to Coinglass, the BTC liquidation level in the last few days is not high. Consequently, we can conclude that a low level of liquidation level is the main factor leading to the increase in the value of the Open Interest Perpetual Index.
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