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Home»BITCOIN NEWS»Bitcoin open interest peaked at $34 billion, breaking the previous record.
BITCOIN NEWS

Bitcoin open interest peaked at $34 billion, breaking the previous record.

By Crypto FlexsMarch 14, 20243 Mins Read
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Bitcoin open interest peaked at  billion, breaking the previous record.
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The Bitcoin market is experiencing a massive land grab. Driven by institutional interest and surging prices, investors are scrambling to get a piece of the digital gold rush.

On March 13, Bitcoin reached a new all-time high of $73,750, shattering the previous record and sending shock waves through the financial world.

Bitcoin open interest numbers explode

This stratospheric rise coincides with a surge in open interest on Bitcoin futures contracts, an indicator of investor expectations about future price movements.

According to cryptocurrency analytics firm SoSo Value, open interest has reached $34 billion, surpassing the high set during the 2021 bull market.

Bitcoin futures open interest. Source: SoSo Value

Bitcoin ETF: Your Gateway to Wall Street

This surge in investor enthusiasm is not limited to traditional futures markets. Spot Bitcoin ETFs, exchange-traded funds that directly track the price of Bitcoin, are experiencing record inflows.

BlackRock’s iShares BTC ETF (IBIT) recorded a whopping $850 million on March 12, the highest daily net inflow ever for a Bitcoin ETF.

This unprecedented demand highlights the growing preference for Bitcoin among institutional investors, who are increasingly viewing the cryptocurrency as a legitimate asset class.

BTCUSD trading at $73,397 on the 24-hour chart: TradingView.com

Bitcoin ETF: Wall Street Joins the Digital Gold Rush

But amidst the celebratory champagne corks comes a word of caution from the world of derivatives. SoSo Value acknowledges the bullish sentiment but warns that the high funding rates associated with Bitcoin futures contracts could be a sign that a decline is imminent.

The funding rate basically represents the cost of holding a futures contract, and a higher funding rate can indicate that the market is overheating and ready for a correction.

Meanwhile, undeterred by these whispers of warning, Bitcoin evangelists like Michael Saylor, Chairman of MicroStrategy, remain firm in their beliefs.

Saylor recently doubled down on his prediction that Bitcoin is the “end game” for digital assets. This is the belief behind MicroStrategy’s aggressive Bitcoin acquisition strategy.

The company currently holds more than 200,000 bitcoins and is worth more than $15 billion.

Saylor envisions a future in which a significant portion of the world’s wealth, estimated at around $900 trillion, moves into Bitcoin as investors seek safe havens for their capital.

The recent price surge and record open interest paint a bullish picture for Bitcoin. However, there are growing concerns about high funding rates and potential market corrections.

The coming weeks and months will be critical in determining whether this is the dawn of a new era for Bitcoin or just a temporary peak before a recalibration.

Featured image from Freepik, chart from TradingView

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