Bitcoin hits monthly high as open interest rises $3B
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Bitcoin roared to a fresh monthly high of $89,292 on Wednesday, rising 3.08% in 24 hours as traders aggressively re-entered the market, driving the strongest inflows into BTC derivatives since February. The sharp move higher coincided with a massive $3.1 billion surge in open interest in a single day, bringing total futures positions to $30 billion — a level last seen in early Q1 and widely interpreted as a signal of renewed speculative appetite.
The rally marks a sharp turnaround from earlier this month, when open interest had steadily declined from $29 billion to $24 billion between March 22 and April 10, tracking broader market caution. Since then, sentiment has flipped. CryptoQuant data reveals a consistent recovery in leveraged exposure, reflecting increased positioning for further upside. The rise in open interest alongside a rising price is typically seen as a bullish indicator, as it suggests new money entering the market in expectation of gains rather than simple short covering.
In the options market, the surge has been even more dramatic. Trading volumes exploded by 347% to $3.57 billion, while options open interest ticked up 3.8% to a record $32.3 billion. This spike suggests traders are either hedging aggressively or positioning for major volatility. The long/short ratio currently stands at 1.06, skewed slightly toward the bulls, indicating a modest majority expecting further price appreciation.
Whale accumulation continues to support the bullish thesis. Large wallets have quietly increased holdings from 3.38 million BTC at the start of the year to 3.50 million BTC as of April 20. Although the monthly growth was a moderate 0.62%, the consistent uptick points to long-term confidence among institutional-sized players. These investors typically accumulate in anticipation of future rallies rather than chasing momentum.
This rally also restores some technical strength to the market, with BTC rebounding from $84,400 the previous day — a 5.7% recovery that reestablishes short-term bullish momentum. The 3.6% weekly gain, when paired with expanding derivatives participation, suggests that sentiment may be transitioning out of consolidation and into a fresh bullish leg.
Still, the rapid growth in leveraged positions adds a layer of fragility. If sentiment shifts abruptly, these positions could unwind violently, triggering a cascade of liquidations and sharp price moves in either direction. For now, though, Bitcoin appears to be regaining upward traction, powered by a confident mix of speculative flow, whale support, and a broader return of risk appetite. Key resistance now lies just above $90,000, with traders watching closely for a breakout that could reaccelerate the bullish narrative.
The rally marks a sharp turnaround from earlier this month, when open interest had steadily declined from $29 billion to $24 billion between March 22 and April 10, tracking broader market caution. Since then, sentiment has flipped. CryptoQuant data reveals a consistent recovery in leveraged exposure, reflecting increased positioning for further upside. The rise in open interest alongside a rising price is typically seen as a bullish indicator, as it suggests new money entering the market in expectation of gains rather than simple short covering.
In the options market, the surge has been even more dramatic. Trading volumes exploded by 347% to $3.57 billion, while options open interest ticked up 3.8% to a record $32.3 billion. This spike suggests traders are either hedging aggressively or positioning for major volatility. The long/short ratio currently stands at 1.06, skewed slightly toward the bulls, indicating a modest majority expecting further price appreciation.
Whale accumulation continues to support the bullish thesis. Large wallets have quietly increased holdings from 3.38 million BTC at the start of the year to 3.50 million BTC as of April 20. Although the monthly growth was a moderate 0.62%, the consistent uptick points to long-term confidence among institutional-sized players. These investors typically accumulate in anticipation of future rallies rather than chasing momentum.
This rally also restores some technical strength to the market, with BTC rebounding from $84,400 the previous day — a 5.7% recovery that reestablishes short-term bullish momentum. The 3.6% weekly gain, when paired with expanding derivatives participation, suggests that sentiment may be transitioning out of consolidation and into a fresh bullish leg.
Still, the rapid growth in leveraged positions adds a layer of fragility. If sentiment shifts abruptly, these positions could unwind violently, triggering a cascade of liquidations and sharp price moves in either direction. For now, though, Bitcoin appears to be regaining upward traction, powered by a confident mix of speculative flow, whale support, and a broader return of risk appetite. Key resistance now lies just above $90,000, with traders watching closely for a breakout that could reaccelerate the bullish narrative.