Bitcoin Open Interest Climbs to $58B: What It Means For BTC Price
Highlights
- Bitcoin has seen a more than 4% jump in open interest data
- BTC price has maintained resilience with broader market outlook backing likely breakout
- Beyond open interest, institutional adoption is also fueling bullish predictions
The outlook in the broader crypto market has further placed Bitcoin (BTC) in the spotlight as the coin is exhibiting a decoupling from the general stock market. Amid the bullish market shift, the BTC open interest has skyrocketed by 4.97% in the past 24 hours. This metric has a historic underlying boost for BTC price.
Bitcoin Open Interest Resets
BTC Open Interest data has always helped shape the price of the top coin. Current Coinglass data pegs the open interest at $58.7 billion over the 24 hours. Known to fall to a multi-year low earlier this year, Bitcoin open interest has finally reset on optimism that the coin may be decoupling from the stock market.
According to the market data, exactly 676,360 BTC has been committed to the derivatives market. Top crypto exchanges like CME and Binance saw more than 115,000 BTC logged in by traders as the overall Open Interest and 24-hour volume came in at 0.5021.
It is not unusual for the open interest to respond to the sentiment in the broader market. Bitcoin price has exhibited resilience despite the sustained drawdown in the stock market.
BTC Price and Impact of Open Interest
At the time of writing, the price of BTC has jumped by 3.68% in 24 hours to $86,860.42. The uptick in the price of Bitcoin has turned green on different short timelines, including the 7-day and 30-day periods.
Open interest is the data that shows the total number of outstanding shares in the derivatives. The higher this metric, the more obvious the adoption in the market. If sustained, this can push the price of Bitcoin to new highs. In the past 24 hours, the top coin jumped as high as $88,460.09.
Many have predicted that the BTC price is on track to chart new growth trends. Despite the US-China trade war, the coin has found stability, with smaller liquidations complementing the current open interest sentiment. If the current setup materializes fully, according to Arthur Hayes, the Bitcoin price may be trading at its unique discount below the $100,000 mark.
Institutional Adoption Takes New Twist
With the trend around Bitcoin now mirroring the bullish performance of Gold, the coin has a more intensive accumulation trend from corporate buyers that can drive its growth. Earlier on April 21, Strategy announced the acquisition of 6,556 Bitcoin units for $555 million.
In addition, Metaplanet also topped its BTC portfolio with 330 BTC units. Combined with the open interest and other macro-metrics, these trends might set the price of the top coin to new historic highs in the coming weeks.
- XRP to $9? Analysts Tip ‘XRP Is a Buy’ as Price Targets 200% Surge
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
