Bitcoin (BTC) held rallies above $ 122,000 on Friday, as American traders pushed prices close to their all -time high, with open interest (OI) collided with record $ 89 billion.
Bitcoin spot demand and leverage bets are high as high as all time.
Bitcoin exceeded $ 122,000 on Friday, which increased spot demand and leverage among traders. According to the data of the Coinglass, this increase in the last 24 hours increased by $ 153 million in small liquidity in the last 24 hours, as bitcoin has reached $ 124,128 of all its time.
American investors have recently been largely responsible for the price hike, as clarified by the bitcoin coinbase premium gap, which climbed $ 113 more than other exchanges. This indicates that American investors are paying a higher price for bitcoins on the coinbase than other exchanges, on Friday, Crypto analyst Martun said in X Post,
Institutional demand has also contributed to the current pace of BTC, in which US spot bitcoin exchange-traded funds (ETFs) experience flow throughout the week. Products have seen $ 2.2 billion in net flows from Monday, which marks a change in investor spirit from the outflow of the previous week.
The increase in investor’s spirit comes after the government’s closure of the government after the delay in the September September job reports. The delay has increased interest in crypto assets, increasing prices.
According to the data of the coatinglass, traders have also shown increased appetite for leveraged risk, with a high level of $ 89 billion in the open interest of BTC.
Bitcoin’s open interest saw a reset after the end of the options of last week, “cleaning the board of hedging activity” and installation of the platform for Q4, has been said in an X. Post On Friday.
Recovery in open interest now indicates more intentional position on market direction and instability.
Despite the speed of bitcoin, the top crypto property still lags back on gold and silver in year-on-year performance, said Martun said. Bitcoin has seen an increase of 25.6% compared to gold and silver, which has increased by 46.7% and 61.8% respectively.
