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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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