Bitcoin’s Open Interest Surges as Fed Rate Cut Expected
- Bitcoin’s aggregated open interest has climbed to $37.63 billion, up from $33 billion.
- Prediction market Myriad indicates a 92.6% probability of a quarter-point Fed rate cut this week.
- Bitcoin has rallied from $107,600 to just above $116,000 recently.
- The Federal Reserve is anticipated to announce a rate cut to the range of 4.00–4.25%.
Traders are leveraging positions in the Bitcoin derivatives market ahead of a key Federal Reserve meeting expected to result in an interest rate cut, which could enhance demand for risk assets like crypto.
With Bitcoin’s open interest nearing $40 billion and its price rallying past $116,000, market sentiment appears optimistic about the potential policy shift by the Fed this week.
(Source)
