"Bitcoin Futures Open Interest Surpasses $44.6 Billion…Bull Market Expectations Remain"

According to analysis, despite market corrections, long positions in the Bitcoin (BTC) futures market are actually expanding.

On the 25th, virtual asset (cryptocurrency) specialist media outlet DL News reported that Bitcoin futures and perpetual contracts open interest (OI) surpassed $44.6 billion, hitting an all-time high. Even when Bitcoin temporarily dropped below $115,000 recently, investor sentiment remained bullish.

According to data from the on-chain analysis platform CryptoQuant, the funding rates on major exchanges remain slightly positive, suggesting that most traders are cautiously projecting upward movement rather than downward. In the perpetual futures market, positive funding rates indicate bullish market sentiment, while negative rates signal bearishness.

On the decentralized prediction market PolyMarket, the largest bet for Bitcoin’s price at the end of this month is concentrated at $125,000.

Arthur Hayes, co-founder of BitMEX, recently commented in his blog that “Bitcoin is the optimal asset in an era of declining fiat currency value,” and projected that “it could reach $250,000 by year-end.”

However, the media noted that “some traders are concerned that Bitcoin might retest the unfilled CME futures gap ($113,900–$116,100) that occurred in early July.”

Meanwhile, open interest refers to the number of contracts for positions that have not been closed in the derivatives market. A rise in open interest means that capital is flowing into the market. Generally, as open interest increases, the potential volatility of coin prices also rises.