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Bitcoin investors speculate on a new all-time high

Bitcoin Open Interest is at a record high, according to Cryptoquant data.

By Mike Hesp
• 2 min read
Bitcoin investors speculate on a new all-time high

Bitcoin Open Interest is at a record high, according to Cryptoquant. There are currently long and short positions totaling $20 billion open. A small majority of investors are optimistic. According to the Long-Short ratio, 53.7 percent of investors are betting on a price increase.

The elevated Open Interest in the Bitcoin derivatives markets points to increased market activity. This is likely driven by two factors:

  1. The recent price rally: Bitcoin has risen more than 10% over the past seven days and is now only 9% below its record high. At press time, Bitcoin is trading at $67,151.
  2. The upcoming US elections: The US presidential race is seen as a major price-driving event. A Trump victory is generally viewed as positive, while a Harris victory is viewed as negative.

Bitcoin Open Interest shows traders increasingly wagering on the election outcome. Momentarily, Bitcoin's all-time high price sits at $73,737.

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