Bitcoin and Ethereum Open Interest Surge by Over $2 Billion Each
- Bitcoin and Ethereum open interest increased by $2.1 billion and $2.2 billion, respectively, in the last 24 hours.
- Both cryptocurrencies have risen over 7% in the past week, with Bitcoin reaching its highest price in about three weeks.
- Approximately $182 million in shorts were liquidated as Bitcoin and Ethereum traded at $72,103 and $2,216, respectively.
- The Coinbase Premium Index turned positive for both assets, indicating increased U.S. demand.
The surge in open interest for Bitcoin and Ethereum is linked to improving macro conditions following a conditional ceasefire between the U.S. and Iran. This increase has helped reverse weeks of bearish trends driven by macroeconomic uncertainty.
Despite recent gains, both cryptocurrencies remain significantly below their all-time highs from last year, with Bitcoin trading around 43% off its peak and Ethereum down by 55%. (Source)
