Bitcoin Price Surges Towards All-Time High on Speculative Interest
Bitcoin's price has surged back towards its all-time high, reaching $122,300. This rally coincides with a significant increase in speculative interest around BTC, as indicated by a new all-time high in Bitcoin Open Interest of $45.3 billion. The Bitcoin Open Interest metric tracks the total amount of BTC-related positions on derivatives exchanges. This figure has been rising alongside BTC's price rally, suggesting increased leverage and potential volatility. Notably, half of these positions are held by institutional investors, reflecting their growing interest in cryptocurrencies. The Coinbase Premium Gap, measuring the difference in BTC prices between Coinbase and Binance, is currently positive at around $108. This indicates higher buying activity on Coinbase, with retail investors potentially driving the price up on this platform. The surge in Bitcoin Open Interest and the positive Coinbase Premium Gap suggest increased speculative interest and retail buying activity. As Bitcoin's price approaches its all-time high, investors should be aware of the potential volatility that comes with increased leverage.
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