OI of BitMEX is showing signs of recovery, what does it mean for Bitcoin?








Bitcoin's price action over the past several days has been rather lackluster, with some difficult transactions set to a wide range from $ 5,800 to $ 6,800.


Interestingly, BitMEX's OI increased with this chaotic situation - a sign that traders are increasingly interested in penetrating the market.


According to the analyst, from a fundamental perspective, this is a bullish signal for BTC in the near future and his analysis has been proven accurate to date, showing that cryptocurrencies recover a lot from the level. recent low.


OI Bitcoin on BitMEX started to rise when the bulls and bears were stuck


Analysts and investors have long viewed BitMEX's OI as an indicator of the trader's participation in the market. A high index is usually a sign of impending volatility.


This happened throughout early and mid-February, when the OI Bitcoin on the platform surpassed $ 1 billion, with the historical precedent showing that this was a discount event.


And again it proved to be true, because the price drop in the time after OI Bitcoin at more than $ 1 billion was one of the most intense movements ever seen, with prices plunging from as high as $ 10,500. It dips to as low as $ 3,800.


Today, according to data from Skew, OI BitMEX hit a high of nearly $ 500 million before falling slightly, up noticeably from a multi-day low of $ 370 million that was set just 2 days ago.


bitcoin


The rising OI coincides with some rising volatility and it could be a sign that Bitcoin is preparing for another major move.


OI previval is a positive signal for crawling in time to come?


Mac analyst explained in a recent note that rising OI Bitcoin, negative funding rates and positive cash flow are short-term optimistic signs.




“OI increased to + 13K BTC after the 27/3 deadline. Thinking: - Daily cash flow looks good - TOdds tsponsored still negative


Trend: Dump weak (5,$ 800) into the pump scam (7,000 dollars) in the next week ”


On how this could affect the price of Bitcoin, Mac noted that BTC would drop to $ 5,800 before a spoofed pump briefly led to the $ 7,000 region.


Because Bitcoin has dropped to $ 5,800 as he predicted and recovers there, it is likely to continue to rise in the near term until it enters the $ 7,000 area.


BitMEX increases sponsor core developer come 100K dollars


According to the blog of BitMEX and was tweeted by BitMEX Research on March 31, 2020, the company will increase funding this year to Bitcoin core developer Michael Ford.




"HDR Global Trading increase sponsor for Bitcoin developers up to US $ 100,000.


HDR is pleased to announce that we have decided to provide an additional Bitcoin development grant to the core Bitcoin maintainer. ”


HDR Global Trading (which is the parent company of BitMEX) reviewed the 2019 grant and decided to increase from $ 60K in the last 12 months to $ 100K in the next 12 years. The company says this shows their continued support for Bitcoin development:


"We want to emphasize that our commitment to open source Bitcoin development is long-term and we will look forward to many more years when making these funding decisions."


BitMEX Research posted one research on Bitcoin sponsorship over the weekend. Discovered that the largest contributor to Bitcoin development is Blockstream and Lightning Labs. However, other companies worth mentioning are OKCoin, BitMEX and Chaincode.


“While the funding situation may improve, in our view, the data shows that the ecosystem is in a pretty strong state for developer funding, based on figures like Donor coordination and transparency ”.


Provide transparency when funding projects


HDR noted that in addition to the grant, the company also posted a contract template on GitHub under the open source MIT license. Therefore, everyone sees the contracts between the company and the developer "to ensure a high level of transparency".


HDR says it is especially important when it comes to funding open source projects because everyone can see the details of "non-chain subsidies".


Transparency is not necessarily the first word that comes to mind when people think of BitMEX. And with a growing number of uncertainties on the part of the user, strengthening the position as a long-term Bitcoin development supporter is a good PR policy.


The company also hopes the contract can serve as a template for other potential donors to make it easier to fund open source developers from now on.


Minh Anh


According to AZCoin News




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