Bitcoin traders have set a new high with open interest in BTC-tracked futures surpassing $37.7 billion, a notable increase from the previous $37 billion record in March. This surge aligns with bitcoin’s price climb from $68,500 to $71,000 recently. Contributing to the momentum, ETFs like BlackRock’s IBIT reported significant inflows, reinforcing bullish market sentiment.

The trading landscape shows a shift towards optimism, evidenced by a long-short ratio that recently rose above 1. This indicator suggests that traders are favoring long positions, anticipating further price increases. The Chicago Mercantile Exchange leads with the largest stake in these futures at $11 billion.

Crypto experts suggest bitcoin could break past the $73,000 mark soon, driven by positive financial market trends and potential interest rate cuts in the U.S. and Europe. This growing risk appetite, mirrored in active trading of meme stocks, hints at a broader shift towards high-risk investments.

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