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Bitcoin Open Interest Hits New All-Time High — TradingView News
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 Bloomberg report, 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.