Key Points
- Bitcoin is 8% shy of its all-time high, trading at $63,612.
- The Open Interest (OI) in BTC Futures on CME exchange has tripled since October 2023.
Bitcoin [BTC] almost reached its all-time high, trading at $63,612, which is 8% less than the peak.
Its ongoing rally, fuelled by strong institutional interest, has boosted Bitcoin’s value by 43% since 2024 began.
Increasing Interest in Bitcoin Futures
The Open Interest (OI) in BTC Futures on the global derivatives exchange CME has hit a record high of $8.7 billion.
This OI has more than tripled since the rally gained momentum in October 2023.
CME’s standard Futures contract, worth five BTCs, is considered a measure of institutional interest in cryptocurrencies.
As of now, CME is the largest Bitcoin futures exchange, holding nearly 30% of the investments in Bitcoin derivatives.
Whale Holdings and Predictions
The growing institutional interest is also reflected in the steady increase in whale holdings.
Entities holding at least 1K coins have increased nearly 5% year-to-date (YTD), and over 7% since October 2023.
Whales, who trade in large blocks of assets, significantly influence price movements, and their strong buying pressure has been a bullish driver for BTC.
However, the trend shows that whales have been reducing their long exposure over the past week, possibly in anticipation of a sharp correction.
Technical analyst Ali Martinez highlighted the importance of the $61,100 — $61,800 level as support, stating that if Bitcoin remains above this threshold, it could climb towards $65,900.
Conversely, if BTC dips below this support, a correction could lead it down to $56,970 or even $51,500.
