Bitcoin and Ethereum have experienced a significant rise in open interest—a measure of the money committed to futures contracts yet to be settled—over the past 24 hours, according to blockchain analytics firm CryptoQuant. This has contributed to an uptick in their prices.
The firm reports that perpetual futures open interest for Bitcoin and Ethereum has climbed by $2.1 billion and $2.2 billion respectively within a day, reaching their highest dollar-denominated levels since last month. CoinGlass data supports this trend, showing Bitcoin’s open interest at its peak in over two months and Ethereum’s at a three-week high.
“The concurrent rise in both assets’ positions reflects positioning driven by macroeconomic events, with traders betting on an upcoming improvement in risk sentiment,” CryptoQuant noted in their weekly report. This follows the conditional ceasefire agreement between the U.S. and Iran. The firm also highlighted that coin-denominated open interest for both Bitcoin and Ethereum has increased significantly, indicating new long positions rather than short liquidations as the driving force.
Data from CoinGlass indicates $182 million worth of shorts have been liquidated in the last 24 hours, with Bitcoin trading at $72,103 and Ethereum at $2,216 on Thursday. These figures represent more than a 7% increase for both assets over the past week. Earlier that day, Bitcoin touched its highest price point in nearly three weeks.
According to CryptoQuant, these price increases have reversed recent bearish trends caused by macro uncertainty. They also noted that the Coinbase Premium Index, which shows asset price differences between Coinbase and Binance, has turned positive for both cryptocurrencies. This suggests a higher demand from U.S. investors on Coinbase compared to Binance.
“The simultaneous positive shift in Bitcoin and Ethereum premiums indicates a broad re-engagement of U.S. investor interest,” the firm stated. “If the ceasefire remains intact without further escalations over the next two weeks, the Coinbase Premium might remain positive, supporting a bullish trend.” Despite their recent recovery, both cryptocurrencies are still significantly below their all-time highs from last year. Bitcoin is trading about 43% lower than its peak of $126,080, while Ethereum’s current price is 55% below its August high of $4,946.