Bitcoin has risen to 89,292 dollars today, the highest since April 2, as traders pump money into the crypto market. The top-ranked Electronic Money has increased by 3.0% in 24 hours amid rising market activity, based on the latest market data.
Market observers have noted a fundamental change in the activity of Bitcoin.
CryptoQuant's transaction data shows that the price of Bitcoin rose alongside a massive increase of 3.1 billion dollars in open interest within just one day.
The sudden rise indicates that a large number of traders are holding significant positions in the upcoming Bitcoin bull run. Open interest refers to the value of outstanding futures contracts that have not yet been settled in the market.
This reversal comes after a series of price declines earlier this month when open interest fell from $29 billion to around $24 billion from March 22 to April 10.
But the trend changed suddenly after April 10, with open interest continuously rising to 30 billion dollars on April 21 - the highest level since early February.
The trading volume of options has surged by more than 300%
The Bitcoin options market has also experienced even more dramatic changes. The options market volume surged 347% to $3.57 billion. Meanwhile, the open interest in options rose 3.80% to $32.30 billion.
These numbers show that traders are hedging their risks for their positions or betting on larger price fluctuations in the future. The long position to short position ratio is currently 1.06, indicating that there are more optimistic traders than pessimistic ones.
Whale investors continue to accumulate steadily.
Behind the daily market actions, larger investors known as "whales" have been quietly accumulating more Bitcoin. Based on data from CryptoQuant, the whale balance has risen from 3.38 million BTC on January 1 to 3.50 million BTC as of April 20.
Although reaching a 30-day high of 3.50 million BTC, the increase in whale holdings last month was only 0.62%. This continuous accumulation by large investors indicates that some big investors still trust in the long-term outlook of Bitcoin despite short-term price fluctuations.
The price recovery indicates the resilience of the market.
The surge to over $89,000 is a good sign for Bitcoin after the price remained around $84,400 the day before. The 3.60% price increase for the week indicates that buying pressure may return.
Market analysts explain that the growth in open interest amid rising prices is often considered bullish. When money flows into the market while prices are rising, this tends to signal increasing confidence from traders.
But the rapid increase in speculative activity using borrowed money also increases the likelihood of more volatile prices in the future.
If market sentiment changes rapidly, large leveraged positions may trigger a series of forced buy or sell orders, potentially amplifying future price changes in either direction.
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Bitcoin Rises to Highest Level in a Month as Open Interest Surges Over 3 Billion USD
Bitcoin has risen to 89,292 dollars today, the highest since April 2, as traders pump money into the crypto market. The top-ranked Electronic Money has increased by 3.0% in 24 hours amid rising market activity, based on the latest market data. Market observers have noted a fundamental change in the activity of Bitcoin. CryptoQuant's transaction data shows that the price of Bitcoin rose alongside a massive increase of 3.1 billion dollars in open interest within just one day. The sudden rise indicates that a large number of traders are holding significant positions in the upcoming Bitcoin bull run. Open interest refers to the value of outstanding futures contracts that have not yet been settled in the market. This reversal comes after a series of price declines earlier this month when open interest fell from $29 billion to around $24 billion from March 22 to April 10. But the trend changed suddenly after April 10, with open interest continuously rising to 30 billion dollars on April 21 - the highest level since early February.
The trading volume of options has surged by more than 300% The Bitcoin options market has also experienced even more dramatic changes. The options market volume surged 347% to $3.57 billion. Meanwhile, the open interest in options rose 3.80% to $32.30 billion. These numbers show that traders are hedging their risks for their positions or betting on larger price fluctuations in the future. The long position to short position ratio is currently 1.06, indicating that there are more optimistic traders than pessimistic ones.
Whale investors continue to accumulate steadily. Behind the daily market actions, larger investors known as "whales" have been quietly accumulating more Bitcoin. Based on data from CryptoQuant, the whale balance has risen from 3.38 million BTC on January 1 to 3.50 million BTC as of April 20. Although reaching a 30-day high of 3.50 million BTC, the increase in whale holdings last month was only 0.62%. This continuous accumulation by large investors indicates that some big investors still trust in the long-term outlook of Bitcoin despite short-term price fluctuations.
The price recovery indicates the resilience of the market. The surge to over $89,000 is a good sign for Bitcoin after the price remained around $84,400 the day before. The 3.60% price increase for the week indicates that buying pressure may return. Market analysts explain that the growth in open interest amid rising prices is often considered bullish. When money flows into the market while prices are rising, this tends to signal increasing confidence from traders. But the rapid increase in speculative activity using borrowed money also increases the likelihood of more volatile prices in the future. If market sentiment changes rapidly, large leveraged positions may trigger a series of forced buy or sell orders, potentially amplifying future price changes in either direction.