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Bitcoin Open Interest Reaches New All-Time High
Alex Dovbnja
Interest in Bitcoin options has reached a record high, with traders anticipating Bitcoin to hit new highs
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According to data from CoinGlass, Bitcoin open interest reached a new all-time high of $37.66 billion.
Open interest refers to the total dollar amount of Bitcoin futures or options contracts outstanding.
Options traders are eyeing a new record high
According to a recent relationship 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.
Options with a strike price of as much as $100,000 also rank high in terms of open interest. This indicates strong bullish sentiment among Bitcoin traders.
The world’s largest cryptocurrency is currently trading at $71,203, after peaking at $71,756 earlier this year.
AS reported by U.Today, Mike Novogratz has repeatedly predicted that the flagship cryptocurrency could potentially break above the $100,000 level. However, for this to happen, the bulls will need to achieve a breakout above the $73,000 level in the near future.
The institutions are only just beginning
Meanwhile, Bitcoin ETFs recorded their 18th consecutive day of inflows. These products received $215 million in fresh money on Thursday.
Despite the fact that BlackRock’s IBIT managed to record inflows worth $800 million in the last week alone, well-known ETF analyst Nate Geraci believes that institutional investors are just getting started:
“I don’t have a price view, but I think advisors and institutional investors are just starting to show up,” Geraci said on social media site X.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.