Bitcoin

Bitcoin futures’ open interest has reached a new all-time high, suggesting that investor demand for the world’s largest cryptocurrency is increasing. Could a price breakout be imminent?
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) open interest, a metric monitoring the total number of open positions in the underlying asset, has reached an all-time high of $39.46 billion across all exchanges.
The current figure surpasses the previous all-time high of $39.03 billion reached on March 29, 2024, <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener nofollow">according</a> to CoinGlass data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/59cd225c-a06f-42e3-ba08-d245ec3a8f6c.png" alt="Record $39.4B Bitcoin open interest suggests imminent price breakout" title="">
 <figcaption style="text-align: center;">
 BTC Futures open interest, all-time chart. Source: CoinGlass
 </figcaption>
</figure>
Bitcoin’s open interest is used by traders to gauge the interest and liquidity behind the asset. The current $39.46 billion peak shows increased investor interest in Bitcoin, which may precede a breakout toward new record highs.
Related: <a href="https://cointelegraph.com/news/marathon-digital-buys-100m-bitcoin-hodl-strategy">World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’</a>
<h2 data-ct-non-breakable="true" id="bitcoin-breakout-could-be-imminent-based-on-short-term-holders-and-btc-dominance">Bitcoin breakout could be imminent, based on short-term holders and BTC dominance</h2>
The new record high in open interest, paired with other indicators, suggests that the Bitcoin price could be on track to break out to new all-time highs.
Notably, <a href="https://cointelegraph.com/news/bitcoin-75-percent-short-term-holders-profit-67k">over 75% of Bitcoin’s short-term holders</a> were in profit as of July 24. This could translate into more upward momentum for BTC since the short–term cohort is often used to gauge retail demand for Bitcoin.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/4d6b4e67-9796-4ac9-92d0-de8f0f12c191.png" alt="Record $39.4B Bitcoin open interest suggests imminent price breakout" title="">
 <figcaption style="text-align: center;">
 Bitcoin: Short-term holder market value to realized value. Source: Glassnode
 </figcaption>
</figure>
Moreover, Bitcoin’s growing dominance suggests that it will devour increasingly more of the total crypto market capitalization, according to Benjamin Cowen, the CEO and Founder of Into The CryptoVerse.
Cowen <a href="https://x.com/intocryptoverse/status/1817755523254542525" target="_blank" rel="noopener nofollow">wrote</a> in a July 29 X post:
<blockquote data-ct-non-breakable="true">
 “Bitcoin dominance just had its highest weekly close all cycle. We should see BTC continue to reclaim more market share over the next few months.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/a6ed14ab-d516-4feb-8305-7166835b1843.jpeg" alt="Record $39.4B Bitcoin open interest suggests imminent price breakout" title="">
 <figcaption style="text-align: center;">
 Bitcoin dominance chart. Source: Benjamin Cowen
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-trump-pump-key-technical-signal-btc-price-71-5k">Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K?</a>
<h2 data-ct-non-breakable="true" id="can-bitcoin-price-breach-71-500-next">Can Bitcoin price breach $71,500 next?</h2>
Bitcoin’s next major target is the $71,500 mark before having the potential to rally to new all-time highs, according to popular crypto analyst Rekt Capital.
The analyst <a href="https://x.com/rektcapital/status/1817191237763350962/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in a July 27 X post to his 484,000 followers:
<blockquote data-ct-non-breakable="true">
 “The clustering continues between $65,000 and ~$71,500. As a result, there is scope for Bitcoin revisiting the Range High at ~$71500 at some point in the future.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/ae67b4d7-817e-43e2-ae36-a55bac8264a5.png" alt="Record $39.4B Bitcoin open interest suggests imminent price breakout" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Rekt Capital
 </figcaption>
</figure>
Bitcoin price is currently 5.8% down from its all-time high of over $73,750, recorded on March 14. Its price action will largely depend on the inflows into the US-based spot Bitcoin exchange-traded funds (ETFs).
The US spot Bitcoin ETFs saw $795 million worth of cumulative net inflows during the previous week, marking the fourth consecutive week of net positive inflows, <a href="https://dune.com/hildobby/btc-etfs" target="_blank" rel="noopener nofollow">according</a> to Dune data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/389b8dad-c70f-4729-b357-ad8bce8db609.png" alt="Record $39.4B Bitcoin open interest suggests imminent price breakout" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF net flows, weekly, in US dollars. Source: Dune
 </figcaption>
</figure>
Magazine: <a href="https://cointelegraph.com/magazine/donald-trump-bitcoin-spot-ether-etf-debut-trading-hodlers-digest-cointelegraph-magazine/">Trump’s Bitcoin push, spot Ether ETF debut, and more: Hodlers Digest, July 21-27</a>

Record $39.4B Bitcoin open interest suggests imminent price breakout

목차

Cointelegraph

2024년 7월 29일에 게재된 다른 기사

Cryptocurrency Bittensor Falls More Than 3% In 24 hours

Dogecoin (DOGE) on Verge of Crucial Breakout: Details

Bitcoin Exchange OKX Launched a New Altcoin on the Jumpstart Platform! Here are the Details

Is Polygon (MATIC) Dead?

Here's How Many Shiba Inu (SHIB) US Government Holds

Announcing new Fuse Flash Testnet and Token Model Changes (29 Jul)

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!