Bitcoin (BTC) Traders Have Now Placed the Highest-Ever Positions on BTC-Tracked Futures

The long-short ratio is starting to tilt in favor of bulls since Wednesday, data indicates, as some traders expect bitcoin to set fresh all-time highs in the coming weeks.

Bitcoin (BTC) futures open interest hit a record high of $37.7 billion on Thursday, as traders ramp up bets on the world’s largest cryptocurrency amid growing optimism over exchange-traded fund (ETF) inflows and expectations of fresh all-time highs for BTC.

The last time bitcoin futures open interest hit such highs was in mid-March, when the asset hit record highs of $73,700.

But the record-breaking open interest comes as spot bitcoin ETFs have set an inflow record over 18 days, The Block reported.

Preliminary data tracked by SoSovalue shows that BlackRock’s IBIT took on $340 million in net inflows on Thursday, while Ark Invest’s ARKB saw net outflows of nearly $97 million.

According to data from Coinglass, over $5 billion in open interest has been added since Monday, as BTC prices rose from the $68,500 level to $71,000 in the period.

Of the $37.7 billion, traditional finance powerhouse Chicago Mercantile Exchange (CME) holds the highest bets at $11 billion, followed by crypto exchange Binance at $8 billion.

The ratio of long-to-short positions is also starting to tilt in favor of bulls since Wednesday, data indicates. Several traders expect bitcoin to set fresh all-time highs in the coming weeks.

“Bitcoin can overcome the resistance level in the zone of 71k-73k and renew all-time highs in the following weeks, driven by optimism in financial markets,” YouHodler’s chief of markets Ruslan Lienka told CoinDesk in a Friday email. “Such positive sentiment is caused by expectations of coming interest rate cuts in the US and Europe that stimulate capital inflow into risk assets.”

“Elevated trading activity with meme stocks such as GameStop and other penny stocks with low ratings shows a growing risk appetite,’ Lienka added.

The bitcoin price has risen around 100% in 2023 so far, and recently hit highs of $73,000. Some analysts now expect the bitcoin price to hit $100,000 before the end of the year.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which also owns Grayscale, Genesis and Foundry.

The leading cryptocurrency, bitcoin, hit highs of $73,000 in April, but has since fallen back to the $71,000 level amid broader market weakness.

Still, the world’s largest cryptocurrency by market capitalization has rallied over 100% in 2023 to date, and some analysts now expect BTC to hit $100,000 before the end of the year.

Bitcoin futures open interest hit a record high of $37.7 billion on Thursday, as traders ramp up bets on the world’s largest cryptocurrency amid growing optimism over ETF inflows and expectations of fresh all-time highs for BTC.

The last time bitcoin futures open interest hit such highs was in mid-March, when the asset hit record highs of $73,700.

But the record-breaking open interest comes as spot bitcoin ETFs have set an inflow record over 18 days, The Block reported.

Preliminary data tracked by SoSovalue shows that BlackRock’s IBIT took on $340 million in net inflows on Thursday, while Ark Invest’s ARKB saw net outflows of nearly $97 million.

According to data from Coinglass, over $5 billion in open interest has been added since Monday, as BTC prices rose from the $68,500 level to $71,000 in the period.

Of the $37.7 billion, traditional finance powerhouse Chicago Mercantile Exchange (CME) holds the highest bets at $11 billion, followed by crypto exchange Binance at $8 billion.

The ratio of long-to-short positions is also starting to tilt in favor of bulls since Wednesday, data indicates. Several traders expect bitcoin to set fresh all-time highs in the coming weeks.

“Bitcoin can overcome the resistance level in the zone of 71k-73k and renew all-time highs in the following weeks, driven by optimism in financial markets,” YouHodler’s chief of markets Ruslan Lienka told CoinDesk in a Friday email. “Such positive sentiment is caused by expectations of coming interest rate cuts in the US and Europe that stimulate capital inflow into risk assets.”

“Elevated trading activity with meme stocks such as GameStop and other penny stocks with low ratings shows a growing risk appetite,’ Lienka added.

The bitcoin price has risen around 100% in 2023 so far, and recently hit highs of $73,000. Some analysts now expect the bitcoin price to hit $10