Breaking Crypto News – How to Capitalize on Record $37B Bitcoin Betting Peak?
Breaking Crypto News – As open interest slowly increased to over $37.7 billion late on Thursday, setting a new record, Bitcoin traders have now taken the largest holdings on BTC-tracked futures in the asset’s history. When bitcoin reached new highs of $73,700 in mid-March, it surpassed the previous milestone of just less than $37 billion.
As spot Bitcoin ETF inflows over eighteen days reached a record, the rise occurred. According to preliminary data gathered by SoSovalue, BlackRock’s IBIT had net inflows of $340 million on Thursday, while net outflows of about $97 million were recorded by Ark Invest’s ARKB.
Bitcoin Price Expected to Increase in the Coming Weeks
According to Coinglass data, there has been an increase in open interest of almost $5 billion since Monday, and during that time, the price of Bitcoin has risen from $68,500 to $71,000. The largest stakeholder of the $37.7 billion is the traditional financial behemoth Chicago Mercantile Exchange (CME), with $11 billion, followed by cryptocurrency exchange Binance with $8 billion. Given rising risk appetite and positive regulatory expectations, several traders predict that bitcoin will surge much higher in the upcoming weeks.
Bitcoin can overcome the resistance level in the zone of 71k-73k and renew all-time highs in the following weeks, driven by optimism in financial markets. Such positive sentiment is caused by expectations of coming interest rate cuts in the US and Europe that stimulate capital inflow into risk assets. Elevated trading activity with meme stocks such as GameStop and other penny stocks with low ratings shows a growing risk appetite,
Ruslan Lienka, YouHodler’s chief of markets
FAQ
What is Open Interest?
The entire amount of unresolved derivative contracts, such as futures and options, is known as open interest. Price swings may be exacerbated by high open interest, especially if traders maintain many positions and abruptly change their approach.
What are BTC Futures?
One kind of derivative contract is a futures contract, which requires two parties to exchange an item (or its cash equivalent) at a fixed price at a later time. Investors speculate about the future value of Bitcoin when they purchase and sell futures contracts.
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