Open interest for Bitcoin and Ethereum rises, indicating renewed risk appetite: CryptoQuant

Rising open interest rates, or the amount of money allocated to futures contracts that have not yet been settled, has helped push futures prices. Bitcoin and Ethereum Over the past 24 hours, according to a report by blockchain analytics firm CryptoQuant.

Open interest in perpetual futures rose by $2.1 billion and $2.2 billion respectively for BTC and ETH.r over the past 24 hours, according to the company, which says dollar-denominated levels have reached their highest levels since last month.

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

“This synchronized increase across both major assets reflects positions driven by macro events, with traders anticipating an expected improvement in broader risk sentiment,” CryptoQuant wrote in its weekly report, which followed the conditional ceasefire agreement between the US and Iran.

“Critically, coin-denominated open interest also increased significantly for both assets, ruling out short liquidation as a primary driver and confirming that traders are opening net new long positions,” they added.

About $182 million worth of short trades were liquidated in the past 24 hours. According to CoinGlass dataBitcoin and Ethereum are trading at $72,103 and $2,216, respectively, on Thursday. At these levels, the two largest crypto assets each jumped more than 7% in the last week of trading, and Bitcoin touched its highest price in about three weeks earlier on Thursday.

These price jumps reflected “weeks of sustained downward price movement 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 of both assets has risen on Coinbase compared to Binance, which is a sign that US investors are increasing demand.

“The simultaneous shift to positive for both BTC and ETH indicates a broad re-engagement of US demand,” the company wrote. If the ceasefire holds and no escalatory news appears Over the next two weeks, Coinbase Premium could maintain the positive territory, reinforcing the upward price trajectory.”

Although they have been on the rise again in the past 24 hours, the leading crypto asset pair is still far from the all-time highs set last year. Currently, Bitcoin is trading about 43% below its all-time high of $126,080. Meanwhile, the price of Ethereum fell further, falling 55% from its August all-time high of $4,946.