If Bitcoin maintains a level of $109,000, most bullish strategies are expected to yield positive results by the expiration of May options. However, pessimists may attempt to influence Bitcoin futures markets to limit their losses as the expiration date approaches.
The total open interest in Bitcoin futures currently stands at $79 billion, indicating strong demand for short positions. However, this strategy could backfire if the price of Bitcoin surpasses $110,000, as pessimists may be forced to close their positions.
The net inflows of $1.9 billion into U.S. spot Bitcoin ETFs between May 20 and 22 indicate that demand above $105,000 remains strong. Ultimately, the main hope for pessimists lies in a weaker macroeconomic environment, which could increase risk aversion and reduce demand for Bitcoin.
