Record $39.4B Bitcoin open interest suggests imminent price breakout

Bitcoin futures’ open interest has reached a new all-time high, suggesting that investor demand for the world’s largest cryptocurrency is increasing. Could a price breakout be imminent?

Bitcoin ( BTC ) open interest, a metric monitoring the total number of open positions in the underlying asset, has reached an all-time high of $39.46 billion across all exchanges.

The current figure surpasses the previous all-time high of $39.03 billion reached on March 29, 2024, according to CoinGlass data .

Bitcoin’s open interest is used by traders to gauge the interest and liquidity behind the asset. The current $39.46 billion peak shows increased investor interest in Bitcoin, which may precede a breakout toward new record highs.

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Bitcoin breakout could be imminent, based on short-term holders and BTC dominance

The new record high in open interest, paired with other indicators, suggests that Bitcoin price could be on track to a breakout to new all-time highs.

Notably, over 75% of Bitcoin’s short-term holders were in profit as of July 24. This could translate into more upward momentum for BTC, since the short–term cohort is often used to gauge retail demand for Bitcoin.

Moreover, Bitcoin’s growing dominance suggests that it will devour increasingly more of the total crypto market capitalization, according to Benjamin Cowen, the CEO and Founder of Into The CryptoVerse.

Cowen wrote in a July 29 X post:

“Bitcoin dominance just had its highest weekly close all cycle. We should see BTC continue to reclaim more market share over the next few months.”

This is a developing story, and further information will be added as it becomes available.

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