Bitcoin reached a peak of $70,332 this morning around six o'clock, marking the highest level in three months, while Ethereum approached $2,600. However, the total open interest in Bitcoin futures contracts across the network has hit approximately $40.9 billion, setting a new historical high, reminding readers to exercise caution. (Background: A historical review: Is Bitcoin repeating past bull market cycles?) (Additional context: Bitcoin whale holdings reach new highs! Standard Chartered: Bitcoin will surge to $73,000 on the U.S. election day) Bitcoin (BTC) peaked at $70,332 this morning (29th) around six o'clock, marking the highest level in three months. Before the deadline, it slightly retreated to $69,890, up 3.15% in the past 24 hours, and also broke the downward trend line since March this year, causing investors to feel excited again, hoping BTC can challenge the historical high of $73,679 set in March. However, I must remind you, according to Coinglass data, the total open interest in Bitcoin futures contracts across the network is 586,000 BTC (approximately $40.9 billion), setting a new historical high. A high open interest often signals a potential price peak, so investors should be cautious of possible amplified fluctuations. The total liquidation amount across the network in the past 24 hours is approximately $172 million, with over 67,000 people liquidated. However, overall, the liquidation volume over the weekend is not considered too large, so volatility may further increase. In the Ethereum section, it also approached $2,600 alongside Bitcoin. However, in the long term, it only reached the highest level in the past week, showing a more bearish trend compared to Bitcoin. Top ten tokens rise across the board. According to CoinMarketCap data, most of the other top ten tokens have also risen in the past 24 hours, with DOGE being the strongest, up 17.12%. Other tokens, except for TRX, have mostly risen by 1-2%. Market focus this week: 10/29 (Tue) USA: October Conference Board Consumer Confidence, previous value 98.7 USA: September JOLTS Job Openings, previous value 8.040M 10/30 (Wed) Germany: Q3 GDP (quarter-on-quarter), previous value -0.1% Switzerland: Central Bank press conference UK: Autumn Budget Statement USA: October Non-Farm Payrolls Change, previous value 143K USA: Q3 GDP (quarter-on-quarter), previous value 3.0% Germany: October Consumer Price Index (CPI month-on-month), previous value 0.0% USA: Crude Oil Inventories, previous value 5.474M 10/31 (Thu) China: October Manufacturing PMI, previous value 49.8 Japan: Interest Rate Decision, previous value 0.25% Hong Kong: Q3 GDP (quarter-on-quarter), previous value 0.4% Hong Kong: Q3 GDP (year-on-year), previous value 3.3% Euro Area: October Consumer Price Index (CPI year-on-year), previous value 1.7% USA: September Core PCE Price Index (year-on-year), previous value 2.7% USA: September Core PCE Price Index (month-on-month), previous value 0.1% USA: Initial Jobless Claims 11/1 (Fri) USA: October Average Hourly Earnings (month-on-month), previous value 0.4% USA: October Non-Farm Employment Change, previous value 254K USA: October Unemployment Rate, previous value 4.1% USA: October ISM Manufacturing PMI, previous value 47.2 USA: October Manufacturing PMI, previous value 47.8 Related Reports: Standard Chartered: If the Republican Party fully controls Congress, Bitcoin could reach $125,000 by the end of the year. Microsoft shareholders to vote on 'Bitcoin Investment Proposal': Suggesting to invest 1% of total assets in BTC. Why say: The approval of Bitcoin ETF options is a significant victory for the market? "Bitcoin breaks 70,000, Ethereum climbs to 2,600, but BTC's open interest sets a new high suggesting a reversal is imminent?" This article was first published on BlockTempo (the most influential blockchain news media).

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