Looking at the current Bitcoin price momentum, some cautious optimism appears to be warranted. Open interest on CME’s Bitcoin options seems to confirm as much, although no immediate push to $10,000 should be expected.
Many people would like to see the value of Bitcoin hit five digits once again.
When that happens, the world’s leading cryptocurrency may slowly begin moving to a new all-time high.
If and when such a scenario will unfold exactly, remains to be determined.
One factor that might give speculators some hope is the current open interest on CME’s Bitcoin options.
That figure has reached an all-time high of $259 million, or an increase by nearly 1,900% since May 1st.
This seems to confirm that institutional investors seeking exposure to Bitcoin are making a lot of money as of right now.
A higher open interest can also be interpreted as more interest in the Bitcoin options product itself, and by extension, Bitcoin.
All of this seems to confirm that a new price push isn’t as unlikely as some may think.
Reaching a new all-time high, however, will require a lot of effort.
For now, that seems an unlikely scenario, but things can always change in a heartbeat.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…