Summary
- Bitcoin surpassed $110,000, and futures open interest exceeded 110 trillion won, reaching an all-time high.
- Binance's open interest hit the highest level since last December, indicating that speculative positions are re-entering the market.
- With strong leverage demand, there is a possibility of a short-term correction if the $110,000 support level is not maintained.
Bitcoin (BTC) surpassed $110,000 on the 22nd, setting a new all-time high, while open interest (OI) in the futures market surged, indicating strong leverage demand.
On the 22nd (local time), cryptocurrency media outlet CryptoSlate, citing CoinGlass data, reported that "the total open interest in Bitcoin futures reached an all-time high of $80.91 billion (approximately 110 trillion won) on this day." This figure increased by $6.66 billion in just one day, with a cumulative increase of $15 billion over the past five days.
In particular, Binance's OI soared to $13.6 billion, marking the highest level since December 16 of last year. It is analyzed that speculative positions, which had somewhat stalled during March and April, are re-entering the market in earnest.
During the same period, Bitcoin's price rose by nearly 8% from about $103,500 to $111,000, and open interest expanded by more than 23%. The increase in OI, surpassing the rate of price increase, suggests that leverage demand based on the derivatives market is leading rather than spot buying.
The media added, "As both price and OI surge simultaneously, the market has entered a new phase with intensified speculation," and "If the $110,000 support level is not maintained, a short-term correction may occur."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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