According to data from CoinGlass, Bitcoin open interest has reached a new all-time high of $37.66 billion.
According to CoinGlass data, Bitcoin open interest has reached a new all-time high of $37.66 billion.
Open interest refers to the total dollar amount of outstanding Bitcoin futures or options contracts.
Options traders expect new record high
According to a recent report According to Bloomberg, options with a strike price of $75,000 have managed to accumulate the most open interest as traders anticipate a major rally.
Alex DovbnyaOptions with a strike price of a whopping $100,000 also rank high in open interest. This indicates strong bullish sentiment among Bitcoin traders.
The world’s largest cryptocurrency is currently trading at $71,203 after reaching a high of $71,756 earlier this year.
Yuri MolchanAs reported by U.Today, Mike Novogratz has repeatedly predicted that the flagship cryptocurrency could potentially surpass the $100,000 level. However, the bulls have to achieve a break above the decisive $73,000 level in the near future for this to happen.
Institutions are just getting started
Meanwhile, Bitcoin exchange-traded funds have recorded their 18th consecutive day of inflows. On Thursday these products received $215 million in fresh money.
Even though BlackRock’s IBIT managed to record $800 million worth of inflows in the past week alone, leading ETF analyst Nate Geraci believes institutional investors are just getting started:
“There is no opinion on the price, but I think international advisors and investors are just starting to appear,” Geraci said on the X social network.
