Bitcoin futures open interest breaks $80 billion, with institutions and speculative capital pouring in
Bitcoin set a new historical high again at 1 AM today (23rd), reaching a maximum of $111,963, and as of the time of writing, it is reported at $110,694, with a slight decline of 0.87% over the last 24 hours, continuing to oscillate at high levels.
Bitcoin futures open interest hits a new high
According to Coinalass data, the open interest in Bitcoin futures on major platforms recently broke the historic $80 billion mark, with the Chicago Mercantile Exchange (CME) leading at approximately $18.24 billion, followed by Binance at $13.5 billion, indicating a significant increase in market participation and capital investment.
Although open interest is reaching new highs, historical data shows that the price typically continues to rise in the short term, but usually experiences a downturn or correction after some time.
Glassnode: Long-term holders remain bullish on BTC
Additionally, according to Glassnode data, after Bitcoin broke its historical high yesterday, the amount of profit-taking was only about $1 billion, less than half of the $2.1 billion that exited when it first broke $100,000 last December.
At the same time, the proportion of new coins in circulation for less than one month rose to 76.9%, while the activity of old coins over six months fell to 13.4%, indicating that the market is currently driven by short-term traders, while long-term holders still tend to hold on. Glassnode states: This combination reflects that non-BTC investors' bullish expectations remain strong.
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