Bitcoin futures hit $20B in open interest as whale accumulation rises, signaling potential major price movement.
Meanwhile, this surge in open interest comes as Bitcoin hovers just 8% below its previous all-time high , signaling anticipation of a major price movement. The growing participation in futures markets is a key indicator of rising interest in Bitcoin, particularly among institutional investors.. This simultaneous increase in both the price and futures positions suggests that traders are preparing for a period of heightened market activity.
As Bitcoin recovered from its lows, open interest began to climb again, eventually reaching new highs in 2024. Despite Bitcoin still being slightly below its ATH, the rising open interest suggests that market participants are expecting a major price movement in the near term.shows that large Bitcoin holders have been consistently moving their holdings off exchanges, which is often a sign of accumulation.
Over the past 7 days, there has been a -1411.95% change in netflows to exchanges, indicating that whales are likely preparing to hold their Bitcoin for the long term.On-chain metrics also reflect the growing interest. New addresses have increased by 9.59%, and active addresses are up by 8.20% over the past week.
This increase in network activity, coupled with Bitcoin’s rising price, suggests that user engagement is growing, contributing to the positive sentiment surrounding the market.Whale activity has also been notable in the past 24 hours, with 16.75K large transactions recorded. While slightly below the 7-day high of 18.35K transactions, the current volume is still well above the recent low of 11.5K transactions.
As BTC approaches its ATH, the combination of rising futures open interest, whale accumulation, and increased network activity points to the possibility of a significant price move.Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.
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