Bitcoin Nears $70,000 Amid Record $40 Billion Open Interest as Trump-Harris Election Nears

Solana's SOL led gains across major digital assets over the past 24 hours as risk-on sentiment pushed the market higher.

The looming US election is contributing to increased volatility, with some expecting further gains for Bitcoin in the coming days.

Theoretical open interest in US dollar-denominated bitcoin futures across all major exchanges surpassed $40.63 billion over the weekend, marking an all-time high.

In terms of tokens, open interest was 592,000 BTC, the highest since December 2022, when the cryptocurrency traded below $20,000 amid peak bearish sentiment.

Cash-margined open interest hit a new all-time high last week, with futures offered on the Chicago Mercantile Exchange (CME) accounting for 40% of the total, while surpassing $11 billion on the exchange.

Open interest refers to unsettled futures bets and indicates that there is new money entering the market. A rise in the metric, coupled with a price increase, confirms an uptrend.

“The recent breakout of 68k was accompanied by around $2.4 billion in new BTC inflows over the past 6 sessions, along with a corresponding rise in BTC futures OI, which is a constructive indicator for the establishment of new long positions,” said Augustine Fan, chief information officer at crypto wealth management firm SOFA.

Meanwhile, a critical open interest-based ratio tracked by CryptoQuant shows a sudden surge from 0.20 to 0.21 as the BTC price surged by $2000, indicating an increase in leveraged bets on the asset.#BTC☀ #Bitcoin❗ #BinanceSquareFamily #HotTrens $BTC