According to data shared by CoinGlass, Bitcoin (BTC) traders have set a new record for the highest-ever positions on BTC-tracked futures, with open interest surpassing $37.7 billion on Thursday. This milestone surpasses the previous peak of just under $37 billion seen in mid-March when Bitcoin reached new highs of $73,700.
#Bitcoin open interest hits all-time high of $37.66B
https://t.co/b1RbJ1A35P pic.twitter.com/ZcTnXjxlNt
— CoinGlass (@coinglass_com) June 7, 2024
The surge in open interest coincides with record inflows into spot Bitcoin exchange-traded funds (ETFs) over the past 18 days, as reported by The Block. BlackRock’s IBIT saw net inflows of $340 million on Thursday, according to preliminary data tracked by SoSovalue, while Ark Invest’s ARKB experienced net outflows of nearly $97 million.
Bitcoin confidence still trends upward
Coinglass data reveals that over $5 billion in open interest has been added since Monday, with BTC prices rising from $68,500 to $71,000 during the same period. Among the $37.7 billion in open interest, the Chicago Mercantile Exchange (CME) holds the highest bets at $11 billion, followed by crypto exchange Binance at $8 billion.
The long-short ratio, which indicates market sentiment, has risen above 1 early Friday from Thursday’s 0.94 level, suggesting a bullish bias. A ratio above 1 indicates more long positions than short positions, reflecting positive market sentiment, while a ratio below 1 suggests negative expectations.
Several traders anticipate further gains for Bitcoin in the coming weeks, citing growing risk appetite and favorable regulatory expectations. Ruslan Lienka, chief of markets at crypto exchange YouHodler, told CoinDesk in a Friday email:
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.
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