This bear market has been choppy, with participants still betting heavily on both sides of crypto. Despite the overall macroeconomic conditions, open interest still remains relatively high.

Image: Crypto Open Interest via Coinglass

With an average of 13 billion worth of longs and shorts being built daily, both retail and institutional seem unable to leave the market.

Image: Crypto liquidations via Coinglass

While those betting against the market were getting hammered last month, the Federal Reserve remaining firmly hawkish has left longs on the losing end.

This follows a trend of rising CPI (Consumer Price Index), with core inflation in the United States peaking past 6%.

Prior to 2021, core inflation on the 25-Year averaged 2%, topping out at about 3%.

While the volatility of cryptocurrencies remains astounding, it remains benign when compared to the sheer losses equity markets have faced recently.

Also Read: Inflation Rises To 9.1%, Making Sense Of How It Affects The Crypto Market

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: ET money