Bitcoin Price Surges Past $85,000 with 15.8% Open Interest Increase
Bitcoin has reached $85,000 as of April 12, driven by the U.S. President's exemption of tech products from new trade tariffs. Recent on-chain data reveals a surge in Bitcoin's open interest (OI), indicating potential for further price increases.
Key Points on Open Interest Surge
- Bitcoin's open interest on Binance increased by 15.8% in 24 hours.
- Approximately $1.2 billion entered derivatives markets, raising OI from $7.6 billion to $8.8 billion.
- Binance holds 31.4% of the futures market, with total futures OI around $28 billion.
- An increase in open interest typically indicates traders are opening new positions.
- This spike suggests increased market volatility and potential for sharp liquidations.
Current Bitcoin price is approximately $85,240, reflecting a 2.5% increase over the past day and over 2% on the weekly timeframe.
