Bitcoin Rockets To Monthly Highs As Open Interest Explodes By Over $3 Billion
Bitcoin reached $89,292, marking its highest price since April 2, with a 3.0% increase in 24 hours due to heightened market activity. Open interest in Bitcoin futures surged by $3.1 billion in one day, indicating significant trader positions anticipating future price increases. Open interest had previously declined from $29 billion to $24 billion but rebounded to $30 billion by April 21. Bitcoin's options market volume soared by 347% to $3.57 billion, with open interest rising by 3.80% to $32.30 billion, reflecting traders hedging or speculating on price volatility. Whale investors increased their holdings from 3.38 million BTC to 3.50 million BTC, suggesting confidence in Bitcoin's long-term prospects despite short-term price fluctuations. The recent price surge and growth in open interest are viewed as bullish signals, although increased speculation with borrowed funds raises the risk of significant price volatility.
