According to Data shared by CoinGlass, Bitcoin (BTC) traders set a new record for the highest ever positions in BTC tracking futures on Thursday, with open interest exceeding $37.7 billion. This milestone surpassed the previous high of less than $37 billion recorded in mid-March when Bitcoin reached a new high of $73,700.
#Bitcoin Open interest hit a record high of $37.66 billion.
https://t.co/b1RbJ1A35P pic.twitter.com/ZcTnXjxlNt
— Coinglass (@coinglass_com) June 7, 2024
The surge in open interest coincides with record inflows into spot Bitcoin exchange-traded funds (ETFs) over the past 18 days. The Block reported. It recorded net inflows of $340 million on Thursday, according to BlackRock’s IBIT. Preliminary data tracked by SoSovalueArk Invest’s ARKB experienced net outflows of nearly $97 million.
Bitcoin confidence continues to trend upward
According to Coinglass data, more than $5 billion has been added to open interest since Monday, with BTC price rising from $68,500 to $71,000 during the same period. Of the $37.7 billion in open interest, the Chicago Mercantile Exchange (CME) has the highest bet amount with $11 billion, followed by cryptocurrency exchange Binance with $8 billion.
The long-short ratio, which gauges market sentiment, rose from 0.94 on Thursday morning to above 1 on Friday morning, suggesting a bullish bias. A ratio greater than 1 reflects positive market sentiment, meaning there are more buy positions than sell positions, while a ratio less than 1 indicates negative expectations.
Several traders are predicting further gains for Bitcoin in the coming weeks, citing increasing risk appetite and favorable regulatory expectations. Ruslan Lienka, head of markets at cryptocurrency exchange YouHodler, told CoinDesk in an email on Friday:
Bitcoin may overcome resistance levels in the 71k-73k area and hit new all-time highs next week, driven by optimism in financial markets. […] This positive sentiment is driven by expectations that interest rate cuts in the US and Europe will stimulate capital inflows into risk assets. […]
Increased trading activity with meme stocks like GameStop and other less-rated penny stocks shows that risk appetite is growing.
