Bitcoin open interest hits $96B, boosting bullish potential

Open interest in Bitcoin has surged to $96 billion, a level that could help drive bullish price movements, according to Cointelegraph. Glassnode noted that the introduction of U.S. spot Bitcoin ETFs in January 2024 contributed to this growth. The realized cap leverage ratio has reached 10.2%, placing it in the top 10.8% of trading days since 2018. While this leverage may enhance upside potential, it also heightens the risk of cascading liquidations, which could lead to sharp declines.