According to U.Today, Bitcoin open interest has reached a new all-time high of $37.66 billion, according to CoinGlass data. Open interest refers to the total dollar amount of outstanding Bitcoin futures or options contracts. A recent report by Bloomberg suggests that options with a strike price of $75,000 have accumulated the most open interest, indicating that traders are anticipating a significant rally. Options with a strike price of $100,000 also rank high in open interest, further indicating strong bullish sentiment among Bitcoin traders.
The world's largest cryptocurrency is currently trading at $71,203, having peaked at $71,756 earlier this year. Mike Novogratz has repeatedly predicted that Bitcoin could potentially surpass the $100,000 level. However, for this to happen, the bulls would need to achieve a breakout above the critical $73,000 level in the near future.
Meanwhile, Bitcoin exchange-traded funds have recorded their 18th consecutive day of inflows, receiving $215 million in fresh money on Thursday. Despite BlackRock's IBIT recording $800 million worth of inflows over the past week alone, prominent ETF analyst Nate Geraci believes that institutional investors are just beginning to show up. He stated, 'Not a view on price, but I believe advisors & inst’l investors are only just beginning to show up,' on the X social media network.