Binance Open Interest surged approximately $500 million just two hours after the CPI results “brought smiles to the faces of crypto investors,” says an analyst.
Cryptocurrency exchange Binance saw a significant jump in Bitcoin Open Interest (OI) volume after the US Consumer Price Index results gave crypto market participants hope that further rate cuts may occur in 2025.
“This news brought smiles to the faces of crypto investors, signaling a positive shift for risk-on markets. As the data painted a favorable macroeconomic picture, the crypto market experienced a strong rally,” CryptoQuant contributor Burakkesmeci said in a Jan. 15 analyst note.
Burakkesmeci said “within two hours” of the US Consumer Price Index report being released — which showed lower-than-expected core inflation in December — Binance’s Bitcoin OI spiked by 3.30%, reaching a total of $10.96 billion.
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