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- Bitcoin’s open interest has surged to a historic peak of $39.46 billion, surpassing previous highs and indicating growing investor interest
- The record open interest, coupled with rising dominance and profit among short-term holders, suggests a potential price breakout towards new highs
- Bitcoin’s dominance is increasing, with predictions pointing to a larger market share, reflecting strong demand and potential upward momentum in the coming months
There are some signs that Bitcoin could be about to make a big move, with open interest reaching an all-time high.
The open interest in Bitcoin futures has reached a new high of $39.46 billion, beating the previous record of $39.03 billion set in March 2024.
The increase in open interest suggests that more investors are interested in this top cryptocurrency. Could this be a sign that the price is about to rise?
Record Open Interest and its Implications for Bitcoin
The number of open positions in an asset is at a record high of $39.46 billion across all exchanges. This beats the previous record of $39.03 billion set on March 29, 2024, according to CoinGlass data.
Traders look at open interest to get a feel for how much interest and liquidity there is in an asset. The current peak of $39.46 billion shows that investors are getting more interested in Bitcoin, which could mean it’s about to break out to new all-time highs.
There’s a good chance Bitcoin will reach new all-time highs soon.
Short-Term Holders and Bitcoin’s Growing Market Dominance
The new open interest record, along with other indicators, suggests that Bitcoin’s price might be on track to reach new all-time highs. Specifically, as of July 24, over 75% of short-term Bitcoin holders were in profit.
This could mean that the asset will keep going up, since the short-term holder category is often used to gauge retail demand.
Additionally, Bitcoin’s growing dominance suggests it will capture a larger share of the total market capitalization, according to Benjamin Cowen, CEO and founder of Into The CryptoVerse.
#BTC dominance just had its highest weekly close all cycle
We should see BTC continue to reclaim more market share over the next few months pic.twitter.com/gkdPECTC8r— Benjamin Cowen (@intocryptoverse) July 29, 2024
On July 29, Cowen commented on X: “Bitcoin’s dominance just recorded the highest weekly close of the entire cycle. We should see BTC reclaiming market share in the coming months.”
Conclusions
The long-term outlook for Bitcoin looks promising, given the historic open interest record in Bitcoin futures, the increase in profits for short-term holders, and Bitcoin’s rising dominance.
If these trends continue, Bitcoin could be on track to reach new all-time highs, thanks to growing investor enthusiasm and market confidence.
It’s important for investors and market watchers to keep an eye on these indicators to get a sense of where Bitcoin’s price is headed in the future.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.