Bullish Sentiment: BTC Open Interest Hits ATH, Anticipation for New Record High Grows
CryptoNewsTerminal Staff07 Jun, 2024
Bullish Sentiment: BTC Open Interest Hits ATH, Anticipation for New Record High Grows
Bitcoin (BTC) has seen a surge in open interest on futures exchanges, reaching a new all-time high (ATH) of $37.7 billion. This is a significant increase from the previous ATH set in mid-March, when BTC surpassed $73,700. Analysts believe that this surge in open interest indicates growing anticipation for a new BTC price ATH. Open interest represents the total number of outstanding futures contracts for an asset, and a high level of open interest typically indicates that traders are expecting significant price movement. Furthermore, the ratio of long to short positions on futures exchanges has risen above 1.00, suggesting that more traders are betting on a price increase. This bullish sentiment, coupled with the high open interest, suggests that BTC may be poised for further gains in the coming weeks.
