Bitcoin's optimistic outlook spikes as Open Interest achieves a fresh peak
Bitcoin Open Interest Surges to Record High, Signaling Bullish Market Sentiment
BITCOIN, N.Y. — Investor interest in Bitcoin futures has surged, reaching an all-time high according to market analyst Greg Magadini. Magadini, director of derivatives for digital asset data provider Amberdata, noted that the increase in open interest for these derivatives contracts coincides with an upward trend in Bitcoin prices.
As the chart below demonstrates, the open interest in Bitcoin futures has reached a new peak. Additionally, open interest in futures contracts across the broader crypto market has also shown significant growth recently, pushing to new record levels, Magadini added.
In an email, Magadini stated, "Friday's expiration has a large over-hang of positive dealer gamma at $110k, the Bitcoin all-time-high area." This indicates that market-makers were selling Bitcoin at this level, potentially explaining the recent stalling of prices around this level. However, Magadini noted that peak gamma for Bitcoin currently stands around $121k, indicating further upside potential.
Paul Howard, senior director at crypto trading firm Wincent, also weighed in on the situation. Howard noted that Bitcoin's volatility has remained near historic lows, but with the upcoming options expiry, implied volatility could climb towards the 45 level. Howard also highlighted that the price gap below the $90,000 mark has been filled, reinforcing a bullish case for continued upward momentum in the coming months.
Looking at Bitcoin's market history, Howard emphasized that during the summer period in the Northern Hemisphere, market liquidity tends to thin, contributing to more pronounced price swings. However, he added that downside moves below $100,000 appear less probable than an advance beyond the $110,000 level.
Howard also pointed out that options market data shows significant open interest in call options, suggesting a broadly bullish sentiment. Notably, strikes at $112,000 and $115,000 for the current and upcoming expiry cycles are particularly notable, indicating traders are positioning for further upside in Bitcoin's price trajectory.
Enrichment Data:- The recent price dip in Bitcoin to around $67,500 as of early June 2025 is attributed to broader risk-off sentiment in the stock market[1].- Forecasts suggest Bitcoin could reach $120,000 or higher if whale accumulation continues and the price holds above key support levels[2][4].- The upcoming options expiry on Friday, May 30, could significantly influence Bitcoin's price trajectory, with bets on Bitcoin reaching $300,000 by June 2025 reflecting a bullish sentiment in the options market[3].
Investor interest in Bitcoin futures, a form of cryptocurrency and digital asset, has surged, reaching an all-time high, suggesting a bullish market sentiment in finance and investing. open interest in Bitcoin futures and other digital currencies has shown significant growth recently, driven by technology and the indicative potential for further upside, as evidenced by peaks in gamma at $121k and notable open interest in call options at $112,000 and $115,000 in the options market.
