Bitcoin futures have hit a new record high of $39.46 billion in open interest, indicating a rising interest in the cryptocurrency and possibly signaling an upcoming price breakout.
Open interest measures the total amount of active positions in Bitcoin futures across all exchanges. This new peak surpasses the previous high of $39.03 billion set on March 29, 2024, according to CoinGlass data.
Traders use open interest to gauge investor interest and market liquidity. The record high suggests that more investors are betting on Bitcoin, which could lead to a significant price movement.
Several factors suggest that Bitcoin might be poised for a breakout. As of July 24, over 75% of Bitcoin’s short-term holders were making a profit. This could indicate growing retail demand and potential upward momentum for Bitcoin.
Additionally, Bitcoin’s market dominance is increasing, meaning it’s capturing a larger share of the overall cryptocurrency market. Benjamin Cowen, CEO of Into The CryptoVerse, noted that Bitcoin dominance recently reached its highest weekly close in this cycle. He expects Bitcoin to continue gaining market share in the coming months.
Looking ahead, Bitcoin’s next major price target is $71,500. Analyst Rekt Capital highlighted that Bitcoin is currently ranging between $65,000 and $71,500, and may revisit the $71,500 level in the future. Bitcoin’s price is currently 5.8% below its all-time high of over $73,750, achieved on March 14. Its future price movements will likely be influenced by inflows into U.S.-based Bitcoin exchange-traded funds (ETFs).
Last week, U.S. spot Bitcoin ETFs saw $795 million in net inflows, marking the fourth consecutive week of positive inflows, according to Dune data. This continued investment could further support Bitcoin’s price growth.
