Bitcoin ($BTC ) futures open interest has hit a record $72 billion, up 8% from $66.6 billion last week, driven by institutional investors, with CME leading at $16.9 billion and Binance at $12 billion. Short positions worth $1.2 billion are concentrated between $107,000 and $108,000, and a breakout above this range could trigger liquidations, potentially pushing Bitcoin to new highs. U.S. fiscal uncertainty, including rising deficits and a Moody's credit rating downgrade, along with 30-year Treasury yields surpassing 5%, is fueling Bitcoin's appeal as a hedge against market volatility. With gold's market cap at $22 trillion compared to Bitcoin's $2.1 trillion, even a small asset reallocation could drive significant inflows, setting the stage for a potential price surge, according to Cointelegraph.
BTC
87,311.91
-0.39%
