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Bitcoin futures open interest has soared to an all-time high signaling growing confidence in a major price rally. On May 23 open interest crossed $80 billion on crypto derivatives platforms marking a 30% rise since the start of the month. Traders are heavily betting on Bitcoin reaching new peaks with large positions placed using borrowed funds.
Analysts believe the surge reflects strong market optimism fueled by spot Bitcoin ETF inflows which added over $2.5 billion this week. This could help stabilize the market against the risk of mass liquidations from high leverage positions. Bitcoin options markets show similar excitement with over $1.5 billion in bets at $110,000 and $120,000 strike prices on Deribit and over $1 billion more at higher levels.
About $2.76 billion in contracts are set to expire on May 23 with a put to call ratio of 1.2% suggesting more short bets than long. The max pain point is at $103,000 where most losses will be concentrated.
