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Bitcoin Open Interest Hits New All-Time High

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Fri, 7/06/2024 - 6:49
Bitcoin Open Interest Hits New All-Time High
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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. 

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Options 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.   

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As 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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