Bitcoin and Ethereum Open Interest Rises, Signaling Renewed Risk Appetite: CryptoQuant

A rise in open interest, or the amount of money spent on futures contracts that have not yet been settled, has helped push up the prices of Bitcoin And Ethereum in the past 24 hours, according to a report from blockchain analytics firm CryptoQuant.

Perpetual futures open interest has increased by $2.1 billion and $2.2 billion for BTC and ETH, respectively, in recent years.According to the company, dollar-denominated levels have reached their highest levels since last month.

MintGlass Data shows that Bitcoin’s open interest is currently at its highest level in more than two months, while Ethereum’s open interest is at its highest level in about three weeks.

“This synchronized rise in both key assets reflects macro event-driven positioning, with traders leading an expected improvement in broader risk sentiment,” CryptoQuant wrote in its weekly report, which followed a conditional ceasefire agreement between the US and Iran.

“Crucially, coin-denominated open interest has also risen significantly for both assets,” she added, “ruling out short liquidations as the main driver and confirming that traders are opening net new long positions.”

Approximately $182 million worth of shorts have been liquidated in the last 24 hours. according to data from CoinGlasswhile Bitcoin and Ethereum are trading at $72,103 and $2,216 respectively on Thursday. At those levels, the top two crypto assets have each risen more than 7% in the last week of trading, with Bitcoin hitting its highest price in about three weeks earlier Thursday.

These price gains have reversed “weeks of persistent bearish price action driven by macro uncertainty,” according to CryptoQuant, which also noted that the Coinbase Premium Index, which reflects the difference in asset prices between Coinbase and Binance, has turned positive for both BTC and ETH.

In other words, the price for both assets has risen higher on Coinbase than on Binance, a signal that US investors are increasing demand.

“The simultaneous swing to positive for both BTC and ETH signals renewed engagement in US demand,” the company wrote. “If the ceasefire holds and no escalating news emerges Over the next two weeks, Coinbase Premium could maintain positive territory, reinforcing the bullish price trajectory.”

Despite their resurgence in the past 24 hours, the pair of leading crypto assets remains far from their all-time highs of last year. As it stands now, Bitcoin is trading about 43% below its all-time high of $126,080. Meanwhile, Ethereum has fallen even further from its peak, falling 55% from its all-time high of $4,946 in August.