Bitcoin futures open interest has hit an all-time high, suggesting growing investor demand for the world’s largest cryptocurrency. Is a price surge imminent?
Bitcoin (BTC) open interest, a metric that monitors the total number of open positions in the underlying asset, reached a record high of $39.46 billion across exchanges.
The current figure surpasses the previous all-time high of $39.03 billion reached on March 29, 2024, according to CoinGlass. data.
Bitcoin’s open interest is used by traders to gauge interest and liquidity in the asset, and its current peak of $39.46 billion indicates growing investor interest in Bitcoin, which could be a harbinger of a surge towards new record highs.
Related: World’s Largest BTC Miner Marathon Buys $100 Million Worth of BTC and Goes “Fully HODL”
Bitcoin breakout could be imminent based on short-term holders and BTC dominance
The record high in open interest, along with other indicators, suggests that Bitcoin price may be on track to break out to an all-time high.
Notably, over 75% of short-term Bitcoin holders were in profits as of July 24. This could translate into further upward momentum for BTC, as the short-term cohort is often used to gauge retail demand for Bitcoin.
Additionally, according to Benjamin Cohen, CEO and founder of Into The CryptoVerse, Bitcoin’s growing dominance suggests that it will eat up more and more of the total cryptocurrency market cap.
Cowen I have written Posted by X on July 29th:
“Bitcoin’s dominance continues with the highest weekly close in an entire cycle. We should see BTC continue to regain more market share in the coming months.”
This is a developing story and more information will be added as it becomes available.
Related: A Possible Bitcoin ‘Trump Pump’ Coincides with Important Technical Signals — Can BTC Break Through $71,500?
Can Bitcoin Price Surpass $71,500 Next?
According to popular cryptocurrency analyst Rekt Capital, Bitcoin’s next major target is the $71,500 level, after which it could rise to a new all-time high.
Analyst I have written On July 27, X posted to his 484,000 followers:
“Clustering continues between $65,000 and $71,500. As a result, Bitcoin has room to revisit the range top of $71,500 at some point in the future.”
Bitcoin prices are currently down 5.8% from their all-time high of over $73,750 hit on March 14. Price movements will be heavily influenced by inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
According to Dune, U.S. spot Bitcoin ETFs saw cumulative net inflows worth $795 million last week, marking the fourth consecutive week of positive net inflows. data.
magazine: President Trump’s Bitcoin Push, Spot Ethereum ETF Debut, and More: Hodler’s Digest, July 21-27
