Bitcoin (BTC) futures open interest (OI) on cryptocurrency derivatives exchanges has reached an all-time high, as traders anticipate that this cryptocurrency will continue to rise and set new historical peaks.
According to CoinGlass data, Bitcoin futures open interest peaked on May 23, exceeding $80 billion. This figure has grown by 30% since the beginning of May, as derivatives speculators have increased leverage, expecting further price increases for Bitcoin.
Open interest refers to the total number of futures contracts that have not yet been settled or closed, allowing traders to bet on the future price of Bitcoin, reflecting the total scale of current market speculation.
When open interest surges, it indicates that a large number of leveraged positions have been established in the market, with many traders using borrowed funds to hold substantial positions.
If the price of Bitcoin moves contrary to these overly leveraged positions, traders will be forced to liquidate, and this liquidation could exert selling pressure on Bitcoin, leading to rapid price declines and high volatility.
However, analysts point out that this week, the inflow of Bitcoin spot exchange-traded funds (ETFs) surged, exceeding $2.5 billion, which could partially offset some of the effects of excessive leverage.
The Bitcoin options market also shows a similar pattern. According to data from Deribit, open interest for strike prices of $110,000 and $120,000 exceeds $1.5 billion. Additionally, open interest for strike prices of $115,000, $125,000, and $130,000 also exceeds $1 billion.
According to Deribit data, contracts with a notional value of approximately $2.76 billion will expire on May 23, with a put/call ratio of 1.2%, indicating that there are more short sellers (puts) than buyers (calls), with the maximum pain point price at $103,000, meaning that most losses will occur at this price upon expiration.
Meanwhile, according to TradingView data, the price of Bitcoin has slightly retreated on Coinbase, briefly falling below $111,000.
Since the beginning of the year, the asset's price has risen nearly 20%, and it has increased nearly 50% since April 7, when U.S. President Donald Trump announced global tariffs, causing the price of Bitcoin to drop to $75,000.
Bitcoin reached an all-time high of $112,000 on May 22, trading mostly above $111,000 in the past 24 hours, but fell below this level again at 4:15 AM UTC on May 23.
Related: CFTC Commissioner Summer Mersinger: U.S. cryptocurrency perpetual futures will be "approved soon."
Original article: “Bitcoin (BTC) Price Falls Below $111,000 as Open Interest Hits Record High”
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