Bitcoin Futures Contract open interest has hit a new record high, suggesting investor demand for the world's largest cryptocurrency is growing. Can the price break out?
Bitcoin (BTC) open interest, a metric that tracks the total number of open positions in the underlying asset, has hit an All-Time-High of $39.46 billion across all exchanges.
According to According to CoinGlass data, the current figure surpasses the previous All-Time-High of 39.03 billion USSD reached on March 29, 2024.
Bitcoin's open interest is used by traders to gauge the level of interest and liquidation behind the asset. The current peak of $39.46 billion shows growing investor interest in Bitcoin, which could lead to a breakout towards a new record high.
Bitcoin's breakout could be imminent, based on short-term holders and BTC dominance
The new record level of open interest, combined with other indicators, suggests that Bitcoin price may be on track to reach a new record high.
Notably, over 75% of short-term Bitcoin holders were in profit as of July 24. This could translate into bullish momentum for BTC as the short-term group is often used to gauge retail demand for Bitcoins.
Furthermore, according to Benjamin Cowen, CEO and Founder of Into The CryptoVerse, Bitcoin's growing dominance suggests it will gradually dominate the total cryptocurrency market Capital .
Cowen wrote in X's July 29 post:
BTCD just hit its highest weekly close of the entire cycle. We will see BTC continue to regain more market share over the next few months.
Can Bitcoin Price Break $71,500 Next?
According to renowned crypto analyst Rekt Capital, Bitcoin's next big target is the $71,500 mark before potentially rising to All-Time-High.
The analyst wrote in a July 27 post to his 484,000 Watcher :
Focus continues between $65,000 and ~$71,500. As a result, Bitcoin is likely to return to highs in the ~$71,500 range at some point in the future.
Bitcoin price is currently 5.8% below All-Time-High of over $73,750, recorded on March 14. Its price performance will depend largely on inflows into Bitcoin ETFs spot in the United States.
According to According to Dune data, U.S. spot Bitcoin ETFs saw cumulative net Capital worth $795 million last week, marking the fourth consecutive week of positive net Capital .
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