Bitcoin and Ethereum Open Interest Rises, Signaling Renewed Risk Appetite: CryptoQuant
Why it matters: Bitcoin and Ethereum prices jumped over 7% in the last week, reversing weeks of bearish price action.
- Bitcoin and Ethereum open interest increased by $2.1 billion and $2.2 billion respectively in 24 hours, reaching multi-month highs, per CryptoQuant.
- CoinGlass data confirms Bitcoin's open interest is at a two-month high, while Ethereum's is at a three-week high.
- CryptoQuant attributes the surge to "macro-event-driven positioning," with traders opening net new long positions rather than short liquidations, following a conditional ceasefire agreement between the U.S. and Iran.
- Bitcoin and Ethereum prices jumped over 7% in the last week, trading at $72,103 and $2,216 respectively, with about $182 million in shorts liquidated.
- Coinbase Premium Index for both BTC and ETH turned positive, indicating increased demand from U.S. investors, according to CryptoQuant.
Bitcoin and Ethereum open interest surged by over $2 billion each in 24 hours, signaling renewed investor confidence and driving prices up by more than 7% in the last week, according to CryptoQuant. This rally, supported by a positive Coinbase Premium Index, suggests U.S. investors are increasing demand, potentially front-running improved macro conditions.
