Summary
- Bitcoin’s new record open interest of over $39.4 billion could suggest an imminent price breakout.
- BTC’s current price is above $69,000.
According to the latest reports, Bitcoin futures’ open interest has just reached a new all-time high. This suggests that investor demand for the digital asset is increasing which could trigger a price breakout.
Open interest is often used to gauge the interest and liquidity behind an asset, and in BTC’s case, this surge could mean that the market can potentially see an upcoming rally.
Bitcoin’s open interest has reached an ATH of $39.46 billion across all exchanges. The metric monitors the total number of open positions in the underlying asset.
This current figure surpassed the previous ATH of $39.03 billion that was reached back on March 29, 2024, data from CoinGlass shows.
Bitcoin Breakout Could Be Imminent
The new ATH recorded in BItcoin’s open interest, combined with other important indicators, is suggesting that Bitcoin’s price could be on its track to a breakout.
According to new reports, more than 75% of BTC short-term holders were in profit as of July 24. In other words, there is a more upward momentum for BTC, since the short-term cohort is usually used to gauge retail demand for the coin.
In a July 24 report, Glassnode revealed that the recent Bitcoin rally has broken back above the STH cost basis and returned 75% of their held supply to an unrealized profit. This can be reportedly seen within the STH-MVRV metric, which has now recovered above the break-even level of 1.0.”
Another metric worth mentioning is Bitcoin’s growing dominance which suggests that it will eat more of the total crypto market cap, says Benjamin Cowen, Into The CryptoVerse’s CEO and founder.
Today, he wrote in a post via X that BTC’s dominance has just had its highest weekly close all cycle. According to him, we should see BTC continue to reclaim more market share over the next few months.
At the moment of writing this article, Bitcoin is trading above $69,000, up by more than 3% in the past 24 hours.
Bitcoin’s rally is also sustained by strong political support.