Bitcoin Open Interest Hits New All-Time High
According to CoinGlass data, Bitcoin open interest has hit a new all-time high peak of $37.66 billion.
Open interest refers to the total dollar amount of outstanding Bitcoin futures or options contracts.
Options traders are eyeing a new record peak
According to a recent report by Bloomberg, options with a strike price of $75,000 have managed to accumulate the most open interest due to traders anticipating a major rally.
Alex DovbnyaOptions with a strike price of a whopping $100,000 also rank high by open interest. This indicates strong bullish sentiment among Bitcoin traders.
The world's largest cryptocurrency is currently trading at $71,203 after peaking at $71,756 earlier this year.
Yuri MolchanAs reported by U.Today, Mike Novogratz has repeatedly predicted that the flagship cryptocurrency could potentially surpass the $100,000 level. However, the bulls have to pull off a breakout above the make-it-or-break-it $73,000 level in the near future for this to happen.
Institutions are only getting started
Meanwhile, Bitcoin exchange-traded funds have recorded their 18th consecutive day of inflows. On Thursday, these products received $215 million in fresh money.
Despite the fact BlackRock's IBIT managed to record $800 million worth of inflows just over the past week alone, prominent ETF analyst Nate Geraci believes that institutional investors have just started:
"Not a view on price, but I believe advisors & inst’l investors are only just beginning to show up," Geraci said on the X social media network.
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