[Bitcoin hits new highs repeatedly, risk appetite heats up: New ATH is expected to increase! 】
While all eyes are on the U.S. non-farm payrolls data today, Bitcoin ETFs are seeing record inflows.
In addition to the ETF record, another record was broken for Bitcoin. Bitcoin’s open interest reached $37 billion, and BTC futures contracts hit new highs.
The streak shows positive market sentiment towards Bitcoin and expectations for BTC to reach new all-time highs in the coming weeks.
Bitcoin’s open interest has increased by more than $5 billion since Monday, during which time BTC prices rose from $68,500 to $71,000, according to data from Coinglass.
Traditional financial giant CME holds $11 billion of $37 billion in open interest, followed by leading cryptocurrency exchange Binance with $8 billion.
Looking at the long-short ratio, the data showed that it rose to over 1 on Friday from 0.94 on Thursday. Therefore, a ratio above 1 means there are more long positions than short positions, indicating that the market sentiment towards Bitcoin is positive. Conversely, a ratio below 1 indicates that market sentiment towards Bitcoin is negative.
Many analysts expect BTC to rise further in the coming weeks. Based on this ratio, Ruslan Lienka, senior manager at cryptocurrency exchange YouHodler, said BTC could reach new highs.
Speaking to Coindesk, Ruslan Lienka said: “Built by optimism in financial markets, Bitcoin may break resistance in the $71,000 to $73,000 range and reach new all-time highs in the coming weeks.
The positive sentiment stems from expected interest rate cuts in the United States and Europe, which have encouraged flows into risk assets.
Additionally, trading activity increased in meme stocks and undervalued stocks such as GameStop, indicating increased risk appetite for risky assets. "
