Bitcoin Open Interest Hits Record High Amid $75,000 Rally, Analysts Bullish on Further Upside
The surge in OI coincides with Bitcoin shattering its previous all-time high of $73,800, set in March.
Bitcoin’s meteoric rise to $75,000 has propelled Open Interest (OI) to a record-breaking $45.41 billion, marking a 13.29% surge since November 5, according to CoinGlass.
Open Interest, which tracks the total number of active derivative contracts such as futures and options, reflects growing market activity as traders increasingly open new long and short positions.
The surge in OI coincides with Bitcoin shattering its previous all-time high of $73,800, set in March.
Market Participants Are Anticipating Further Price Gains
The heightened activity suggests market participants are positioning for further price gains.
Analysts note that $1.26 billion in short positions are now at risk of liquidation, indicating traders are betting against a retracement to the earlier high of $73,679.
As of now, Bitcoin is trading at $75,792, according to TradingView, with analysts maintaining a bullish outlook.
Veteran trader Peter Brandt believes the current rally aligns with Bitcoin’s bull market cycle.
“Bitcoin is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150K range next Aug/Sep,” Brandt stated on November 6.
