The open interest metric for bitcoin rose by $2 billion in 3 days. Traders are warned about a possible sharp change of trend.

Open interest - OI - for bitcoin has grown by $2 billion over 3 days. As of 6 June, the OI is $37 billion, according to CoinGlass. And that has observers worried.

"Open interest is the total number of contracts (futures and options, for example) that are outstanding. Their large volume has the potential to increase volatility, as traders hold multiple positions and can suddenly change their strategy.

At the time of writing, bitcoin is in a positive trend and its exchange rate has reached $71,000. But BitLab Academy believes that the high OI and premium for traders could lead to a sudden change in trends.

Anonymous trader Jelle admits that almost $2 billion worth of long positions will be ‘wiped out’ and the BTC exchange rate will roll back to $68,000.

BTC growth is also attributed to capital inflows into ETFs. According to data on US spot Bitcoin ETFs for 3 June, $886 million flowed into the instruments. This is the second best result since the launch of the ETF.