Bitcoin futures' open interest has surged to a new all-time high, signaling increasing investor demand for the world's largest cryptocurrency and raining the question about whether a $BTC price breakout is imminent.
Bitcoin futures open interest, which measures the total number of open positions in the underlying asset, has reached an unprecedented $39.46 billion across all exchanges. This surpasses the previous record of $39.03 billion set on March 29, 2024, according to data from CoinGlass.
Rising Investor Interest In Bitcoin
The record high in Bitcoin's open interest is a crucial metric for traders, indicating heightened interest and liquidity in the asset. The current peak of $39.46 billion suggests that investor interest in Bitcoin is on the rise, potentially setting the stage for a breakout to new record highs.
Several indicators support the possibility of a #Bitcoin price breakout. As of July 24, over 75% of Bitcoin’s short-term holders were in profit. This metric is often used to gauge retail demand for Bitcoin, and the high percentage of profitable short-term holders could translate into upward momentum for #BTC .
Additionally, Bitcoin's growing dominance in the crypto market is another positive sign. Benjamin Cowen, the CEO and Founder of Into The CryptoVerse, highlighted Bitcoin's increasing market share in a recent post on X (formerly Twitter). He noted that Bitcoin dominance had its highest weekly close all cycle, suggesting BTC could continue to reclaim more market share in the coming months.
Key Price Targets
Prominent crypto analyst Rekt Capital has identified $71,500 as Bitcoin's next major target. In a post to his 484,000 followers on X, he pointed out the ongoing price clustering between $65,000 and $71,500, suggesting that Bitcoin could revisit the range high of approximately $71,500 in the near future.
Currently, Bitcoin is trading 5.8% below its all-time high of over $73,750, recorded on March 14. The future price action will largely depend on inflows into US-based spot Bitcoin exchange-traded funds (ETFs). According to Dune data, US spot Bitcoin ETFs saw $795 million worth of cumulative net inflows during the previous week, marking the fourth consecutive week of positive net inflows.